LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against CVS Health Corporation (“CVS” or “the Company”) (NYSE: CVS) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who acquired shares of CVS in exchange for their shares of Aetna Inc. in connection with CVS’s acquisition of Aetna on November 28, 2018, are encouraged to contact the firm before October 14, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. CVS’s financial condition had deteriorated due to rising costs and poor results in the long-term care (“LTC”) unit that was part of the Omnicare acquisition of 2015. These deteriorating conditions caused CVS to undertake rapid acquisitions of LTC organizations to make up for the poorly performing business in advance of the Aetna acquisition. The Company also violated GAAP accounting principles related to goodwill impairment in the LTC business. Based on these facts, the Company’s public statements were false and materially misleading throughout the acquisition period. When the market learned the truth about CVS, investors suffered damages.
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