CVS to pay $20M SEC penalty

CVS Caremark Corp. will pay a $20 million civil penalty to resolve a Securities and Exchange Commission investigation, the company announced Friday. More

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CVS to pay $20M SEC penalty

BLOOMBERG FILE PHOTO/DAVID PAUL MORRIS
CVS CAREMARK CORP. has reached an agreement in principle with the SEC to pay a $20 million settlement to resolve a 2009 investigation.
Posted 8/2/13

WOONSOCKET – CVS Caremark Corp. will pay a $20 million civil penalty to resolve a Securities and Exchange Commission investigation of financial disclosures dating to 2009, the company announced Friday.

CVS confirmed it had reached an agreement in principle with the SEC’s Boston regional office to pay the settlement on a number of alleged violations without admitting to or denying the allegations.

“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, CVS executive vice president and general counsel, in a statement.

The investigation, which the company disclosed when it began in 2011, looked at CVS activities and public financial disclosures from the second half of 2009, including the accounting adjustment related to the company’s October 2008 acquisition of Longs Drug Stores.

The company did not identify the alleged violations in a release but said they fell under anti-fraud provisions of SEC statutes.

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