1st Circ. Revives CVS Shareholder Fraud Class Action

Law360, New York (May 24, 2013, 7:28 PM EDT) -- The First Circuit on Friday revived a CVS Caremark Corp. shareholder class action accusing the company and three former top executives of falsely touting that CVS and Caremark were successfully integrated when, in fact, the integration was going poorly and drove off several large customers.

In overturning a district court’s dismissal of the suit, which was filed by a group of pension funds, the appeals panel found their allegations indicated that a drop in CVS Caremark’s share price was causally related to its misstatements regarding the...
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