Advertisement
YOU ARE HERE: LAT HomeCollectionsCaremark
IN THE NEWS

Caremark

FEATURED ARTICLES
BUSINESS
February 10, 1987
Caremark Inc., a Newport Beach health-care firm, declared a 3-for-2 stock split of its 15.3 million outstandings shares of common stock, payable to shareholders of record on Feb. 20. The split is to be effective March 6, when the company will distribute one new share of stock for every two shares a stockholder owns. Caremark said it will pay stockholders cash for any resulting fractional shares based on the $30.75 closing price of Caremark common stock on Feb.
ARTICLES BY DATE
BUSINESS
April 8, 2014 | By Ricardo Lopez
CVS Caremark Corp., the country's second-largest pharmacy chain, has agreed to pay $20 million to settle charges that it misled investors and used improper accounting techniques to artificially boost its financial earnings, the U.S. Securities and Exchange Commission announced Tuesday.  The charges stem from activities that occurred in the third and fourth quarters of 2009, regulators said.  According to the SEC, CVS had conducted a $1.5-billion...
Advertisement
BUSINESS
October 23, 1990 | LESLIE BERKMAN and GREG JOHNSON, TIMES STAFF WRITER
Boston-based Kendall Co. said Monday that it has completed the $200-million sale of Kendall McGaw Laboratories Inc. to an investor group headed by James M. Sweeney and that it has agreed to sell its pharmaceutical unit to a small San Diego firm for $15 million.
BUSINESS
March 10, 2014 | David Lazarus
CVS Caremark Corp. could face as much as $29 million in fines for allegedly losing track of prescription painkillers at four of its California stores, from which authorities said thousands of pills may have been sold on the black market. Officials at the U.S. Drug Enforcement Administration and the California Board of Pharmacy told me Monday that more than 37,000 pills were apparently taken from CVS stores in Modesto, Fairfield, Dixon and Turlock. Meanwhile, CVS pharmacists in Southern California said they've been instructed by the drugstore chain to get their paperwork in order so that no other prescription meds are found to be missing.
BUSINESS
July 3, 2004 | From Reuters
Caremark Rx Inc. said that Washington state's attorney general was demanding information about the pharmacy benefit manager's business practices and that 18 other states would soon follow suit. Shares of Nashville-based Caremark, which recently bought industry rival AdvancePCS, dropped $1.20 to $31 on the New York Stock Exchange.
BUSINESS
September 9, 2005 | From Associated Press
Caremark Rx Inc., a pharmacy benefits manager, and the Justice Department agreed Thursday to a $137.5-million settlement of lawsuits claiming that a predecessor company took kickbacks affecting several federal healthcare programs. Nashville-based Caremark admitted no wrongdoing in making the settlement, which was approved by a Philadelphia federal court Thursday. The lawsuits were filed in 2002 by three former executives of AdvancePCS Inc.
BUSINESS
July 16, 1987
Caremark Inc., the Newport Beach-based home health care provider about to be acquired by Baxter Travenol Laboratories, on Wednesday announced record profits and earnings for the second quarter. In the period ended June 30, the company had profits of $3.4 million, 19% above the $2.8 million posted the year before. Revenues were $59 million, up 44% from the $41 million recorded in the prior year.
BUSINESS
September 17, 1985
Gordon Clemons, former president of Intracorp, has been named president and chief operating officer of Caremark, the Newport Beach-based home health care, pharmaceuticals and health care products and health care management systems company. Clemons, 41, joined Caremark in May as chief operating officer of the company's Home Health Care of America division.
BUSINESS
March 17, 2007 | From the Associated Press
Caremark Rx Inc. shareholders approved a $26.5-billion takeover bid by CVS Corp., creating one of the largest competitors in the prescription drug industry, the company said. For months, CVS has been in a bidding war for Caremark with Express Scripts Inc. But increased antitrust scrutiny of the Express Scripts' proposal and its decision this week not to increase the offer turned the bidding war in CVS' favor, some analysts said. The combined company, to be called CVS/Caremark Corp.
BUSINESS
March 4, 1986 | GREG LUCAS
In its third major acquisition in slightly over a year, Caremark, a Newport Beach-based supplier of home health care, has purchased Western Medical Specialties Inc., a San Bernardino company that supplies home-care products and medical services to hemophiliacs. Western Medical's projected net income for 1986 is $500,000. The acquisition, for an undisclosed amount of Caremark stock, was a "win-win" situation for both companies, according to Lawrence A. Watts, a Caremark spokesman.
NATIONAL
February 5, 2014 | By Noam N. Levey and Tiffany Hsu
WASHINGTON - CVS Caremark, the nation's second-largest drugstore chain, plans to stop selling cigarettes and other tobacco products at its more than 7,600 retail stores by Oct. 1, a landmark decision that would make it the first national pharmacy company to cease tobacco sales. The move, which the company announced Wednesday, comes after years of pressure from public health advocates and medical providers, who have urged retailers to make tobacco products and advertising less available, particularly to children and teenagers.
BUSINESS
September 12, 2013 | David Lazarus
CVS Caremark insists that it's just complying with federal law by informing customers that their medical information could be "redisclosed" if they sign up for the company's prescription-drug reward program. Privacy experts, though, question whether CVS is complying with state law. "California's privacy law is stricter than federal law," said Charles Googooian, a La Canada Flintridge lawyer who specializes in medical-privacy issues. "It doesn't seem like CVS is complying with either the spirit or the letter of state law. " CVS has been scrambling to defend its ExtraCare Pharmacy & Health Rewards program since I recently reported that customers are being required to give up important federal privacy safeguards in return for up to $50 a year in store credits.
BUSINESS
July 22, 2013 | David Lazarus
Susan Segal normally spends about $30 for a three-month supply of a thyroid medication from CVS Caremark's mail-order pharmacy. Recently, though, CVS sent her a different thyroid drug, which cost $23 more - a 77% increase. Segal, 56, called to complain. A CVS service rep told the Irvine resident that the pharmacy wasn't trying to pull a fast one. Have a consumer question? Ask Laz The rep explained that Segal's usual med, Levoxyl, couldn't be obtained, so CVS called her doctor and received permission to send her a similar drug, Synthroid, instead.
BUSINESS
March 20, 2013 | By Walter Hamilton, This post has been updated. See below for details.
Employees at one of the nation's largest drugstore chains must disclose personal health information -- including their weight -- or pay a $600-a-year fine, according to a published report. CVS Caremark Corp. is requiring workers to reveal the information to their company's insurance carrier or pay an extra $50 a month for health coverage, according to the Boston Herald. CVS could not immediately be reached for comment. But a spokesman told the newspaper that “our benefits program is evolving to help our colleagues take more responsibility for improving their health and managing health-associated costs.” Employees must reveal their weight, height, body fat and blood pressure, the paper reported.
BUSINESS
October 24, 2012 | Los Angeles Times
Retired social worker Nina Nestor got an all-too-familiar phone call last week: Her prescription refill was ready at her CVS store in San Clemente. Trouble is, the 83-year-old cancer patient didn't ask for the refill or numerous others that CVS pharmacists filled this year without her permission. "The pharmacist told me after two weeks they put it back in stock and reverse the billing," Nestor said. "But I wonder about that. " Government officials share her concerns. Allegations that the pharmacy giant has been automatically refilling medications without patient consent - and possibly overbilling insurers and government programs for unused medicine - have sparked four government investigations in recent weeks, the most recent by the U.S. Justice Department.
BUSINESS
October 16, 2012 | By Marc Lifsher, Los Angeles Times
SACRAMENTO - State pharmacy regulators have opened an investigation into reports that CVS Caremark Corp. refilled prescriptions and billed insurance companies without patients' consent. Virginia Herold, executive officer of the California Board of Pharmacy, said Tuesday that investigators were probing complaints about the refill practices of the country's largest drugstore chain after Walgreen Co. Herold said the complaints concerning "CVS and refills" were similar to allegations raised in four Los Angeles Times reports published in the last three months.
BUSINESS
January 17, 2007 | From Bloomberg News
Caremark Rx Inc.'s shareholders would receive a $2-a-share one-time dividend if their company completes a merger with CVS Corp. that Express Scripts Inc. tried to scuttle Tuesday with a hostile tender offer for Caremark. CVS and Caremark also said in a joint statement that they would retire 150 million shares of the merged company by buying stock from financial institutions. That would add $4.8 billion in debt, a regulatory filing said.
BUSINESS
February 8, 1987 | ROBERT HANLEY
It has been a darling of Wall Street for the last year, and now sells for nearly 30 times its estimated 1987 earnings. At that kind of multiple, Caremark stock is getting pricey, and investors should wait to buy, advises analyst Dorothy Ryan of Swergold, Chefitz & Sinsabaugh Inc. In a recent research report, Ryan said she expects Caremark to earn 88 cents a share on revenues of $197 million during the fiscal year that ends June 30. Based on Caremark's 14.
BUSINESS
October 12, 2012 | David Lazarus
Medicare is investigating reports that CVS Caremark Corp., the country's second-largest drugstore chain, has refilled prescriptions and submitted insurance claims without patients' approval, according to an official with knowledge of the matter. The Office of the Inspector General for the U.S. Department of Health and Human Services has launched the investigation into CVS' refill practices, said the official, who was not authorized to discuss the case and therefore requested anonymity.
Los Angeles Times Articles
|