CVS reaches $20M settlement with SEC
Woonsocket, R.I. – CVS Caremark Corporation has reached an agreement in principle to pay a fine of $20 million to resolve an investigation by the Securities and Exchange Commission (SEC) into certain public disclosures, securities transactions and aspects of the purchase accounting adjustment related to the October 2008 Longs Drug Stores acquisition the company made during the third and fourth quarters of 2009.
"We are pleased to be taking this important step to close the chapter on these matters from 2009 and look forward to resolving the SEC investigation in the near future," said Thomas M. Moriarty, executive VP and general counsel of CVS Caremark. "CVS Caremark remains committed to complying with all applicable laws and regulations. We will continue to focus on driving value for our customers and shareholders through our distinctive integrated pharmacy model."