Backdating Probes Into CVS Caremark Dropped

Law360, New York (August 17, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission and a U.S. Attorney's office have dropped stock options backdating investigations into CVS Caremark Corp., the company revealed Friday.

CVS acquired Caremark Inc., a pharmacy benefit management company, in March 2007. Caremark disclosed both investigations in May 2006.

In a Friday filing with the SEC, CVS Caremark said it had been told by the Commission that an informal inquiry into the company's stock option granting practices and an executive relocation program had been closed and that no enforcement action would...
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