CVS Health Corporation Securities Litigation (2019)

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Lawsuit Overview

Defendant:CVS Health Corporation
Date Filed:August 15th, 2019
Sector:Health Care
Industry:Medical/Nursing Services

According to the Complaint, CVS and its subsidiaries comprise the largest integrated pharmacy health care provider in the United States based upon revenues and prescriptions filled.

On May 20, 2015, CVS Pharmacy, Inc., a wholly owned subsidiary of CVS, entered into a merger agreement to acquire Omnicare, Inc., a provider of pharmaceuticals and related pharmacy services to long-term care ("LTC") facilities (e.g., assisted living, skilled nursing, and senior centers) and a provider of specialty pharmacy and commercialization services for the bio-pharmaceutical industry.

In connection with the acquisition of Aetna, Defendants filed with the SEC a Registration Statement on Form S-4, which was declared effective on February 9, 2018, and a joint proxy statement/prospectus on Form 424B3 (collectively the "Offering Documents"). The Complaint alleges that the Offering Documents contained materially false and/or misleading statements about CVS's compliance with Generally Accepted Accounting Principles ("GAAP"). In particular, the Complaint alleges that CVS falsely represented in the Offering Documents that it had properly accounted for its $6+ billion goodwill asset, as reported in the "LTC unit," associated with CVS's 2015 acquisition of LTC pharmacies of Omnicare.

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First Identified Complaint

Waterford Township Police & Fire Retirement System, et al. v. CVS Health Corporation, et al.

Date Filed:August 15th, 2019
Class Period Start:February 9th, 2018
Class Period End:November 28th, 2018
First Identified Complaint Filings
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