April 16, 2011 |
The California Public Employees' Retirement System is negotiating a lucrative pharmacy benefits management contract with Caremark Rx Inc., a company being sued for defrauding the pension fund of tens of millions of dollars. It's the second embarrassing misstep by CalPERS in the last month as the scandal-plagued agency seeks a contractor to manage the delivery of mail-order prescription drugs for about 300,000 state and local government workers, retirees and their families. CalPERS is the largest buyer of healthcare benefits after the U.S. government.
October 16, 2012 |
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.
August 21, 2011 |
Question: I have been encouraged and then discouraged by my shares of Rite Aid Corp. What does the future hold? Answer: It's not easy being No. 3. The nation's third-largest retail drugstore chain has less productive stores and carries more debt than industry leaders Walgreen Co. and CVS Caremark Corp. Supermarket chains, discount stores and mail-order pharmacies are also providing fierce competition. The company is trying out several new store formats and increasing promotional activity to try to lure consumers worried about unemployment and high fuel costs.
August 22, 2013 |
A lot of people are sick of the money-grubbing spat between Time Warner Cable and CBS, which has resulted in CBS, Showtime and other channels being unavailable to the cable company's subscribers since Aug. 2. For Alan Ehrlich, this was the last straw. He decided to cut the cable cord. More and more people are doing the same. The U.S. pay-TV industry lost about 316,000 subscribers in the 12-month period that ended June 30, according to Moffett Research. "Cord cutting used to be an urban myth," said analyst Craig Moffett.
August 19, 2008 |
Longs Drug Stores Corp. recommended in a regulatory filing that shareholders approve its $2.7-billion purchase by CVS Caremark Corp. even as activist investor Bill Ackman hired a firm to explore getting a higher price.
August 16, 2008
'My son likes a pancake syrup that is carried locally by a Longs Drug store. My guess is that in the future I'll have to ask some store to special order it for me because CVS won't carry it. Bigger is better only for the owners.' -- Warren Cereghino, Pacific Palisades, on Wednesday's story about CVS Caremark Corp.'s $2.6-billion bid to buy Longs Drug Stores Corp.
April 14, 2009 |
Prescription benefit manager Express Scripts Inc. said Monday that it would buy rival NextRx from WellPoint Inc. for $4.68 billion in cash and stock. St. Louis-based Express would leapfrog CVS Caremark Corp. to become the No. 2 pharmacy benefit manager, with a prescription volume approaching that of industry leader Medco Health Solutions Inc.
March 19, 2008 |
CVS Caremark Corp. agreed to pay almost $37 million to nearly two dozen states and the federal government to settle claims that the nation's largest pharmacy chain billed Medicaid programs for a more expensive form of an antacid, authorities said. The settlement came after an investigation that began in 2001, when a suburban Chicago pharmacist told authorities. Attorneys said the chain gave Medicaid patients capsules of Ranitidine, a generic version of the heartburn medication Zantac, instead of even less expensive tablets.
March 17, 2007 |
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.
August 21, 2008 |
Longs Drug Stores Corp., which has agreed to be bought by CVS Caremark Corp., said fiscal second-quarter profit rose on gains at its pharmacy-benefits division. Net income for the period that ended July 31 jumped to $27.5 million, or 76 cents a share, from $26.6 million, or 71 cents, a year earlier, Longs said. Sales increased to $1.33 billion from $1.27 billion. Shares of Longs, which is based in Walnut Creek, Calif., gained 50 cents to $72.10.