Special Report

CVS pays $20 million to settle SEC fraud charges

CVS Caremark agreed on Tuesday to pay a $20 million fine to settle the U.S. Securities and Exchange Commission charges that it misled investors in 2009 about financial setbacks and used improper accounting methods for boosting its financial results.

SEC alleges that during a $1.5 billion bond offering in September 2009, CVS failed to disclose that it had lost significant Medicare Part D and contract revenues in its pharmacy benefit management business.

OTHER COVERAGE

• Thousands of painkillers missing from 4 CVS stores

• CVS to stop selling tobacco products in October

• Pharmacist wins age discrimination case against CVS

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