The investigation concerns whether CVS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 20, 2019, CVS announced the Company's fourth quarter and full year financial and operating results and provided 2019 full year guidance. CVS advised investors that adjusted earnings in 2019 would be $6.68 to $6.88 per share, compared with the $7.36 average of market estimates, citing rising costs and poor results related to the Company's 2015 acquisition of Omnicare, Inc. Following this news, CVS's stock price fell $5.66 per share, or 8.1%, to close at $64.22 on February 20, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:Robert S. WilloughbyPomerantz [email protected]
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SOURCE Pomerantz LLP
