Two CVS Execs Resign After Internal Accounting Probe

Law360, New York (March 15, 2006, 12:00 AM EST) -- Following an internal review of CVS Corp.’s accounting for a transaction in 2000, the controller and the treasurer of one of the nation’s biggest drug store chains have resigned.

The Securities and Exchange Commission has opened an “informal inquiry” after an independent counsel, which was hired last December by the company’s audit committee to review the matter, revealed this month that various aspects of the accounting for the transaction regarding plush toys were incorrect. So far, the review has not caused any modifications to the financial...
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