CVS, Ex-Execs Settle Earnings Misstatement Claims

Law360, New York (July 2, 2007, 12:00 AM EDT) -- CVS Caremark Corp. on Friday reached a settlement with the U.S. Securities and Exchange Commission, putting to rest claims that the drugstore chain misstated earnings for 2000 by failing to properly account for millions of dollars in plush toys.

In addition to settling with the company, the SEC filed and immediately settled a civil action in the U.S. District Court for the District of Rhode Island against two former CVS executives, former Controller and Principal Accounting Officer Larry Solberg and former Treasurer Philip C. Galbo, who...
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