Healthcare Providers and Services
Company Overview of Caremark Rx, L.L.C.
Caremark Rx, L.L.C. offers pharmaceutical services in the United States. The company provides pharmacy benefit management services that include designing and administration of programs for prescription drug use. Caremark Rx, L.L.C. dispenses pharmaceuticals to eligible participants in benefit plans maintained by its customers; and utilizes its information systems to perform safety checks, drug interaction screening, and generic substitution. The company's health management program covers various diseases, including asthma, coronary artery disease, congestive heart failure, diabetes, hemophilia, rheumatoid arthritis, and multiple sclerosis. Caremark Rx, L.L.C. provides prescription drugs both...
211 Commerce Street
Nashville, TN 37201
Founded in 1993
Key Executives for Caremark Rx, L.L.C.
Head of Quality Initiatives and Member of Management Team
Executive Vice President and Chief Administrative Officer
Senior Vice President of Corporate Communications
Compensation as of Fiscal Year 2016.
Caremark Rx, L.L.C. Key Developments
Alabama Judge Gives Final Approval for Closing a Lawsuit Against MedPartners, Inc
Aug 16 16
An Alabama judge has given a $130 million settlement final approval, closing a lawsuit by thousands of stock holders against MedPartners Inc. Attorneys for the stock holders argued in 1998 that MedPartners made false and misleading statements about its financial condition. Those suits were settled in 1999. Then in 2003, a new lawsuit alleged that the company and its insurer committed fraud in the 1999 settlement. Lead counsel Scott Powell says stock holders waited more than 12 years to recover their losses.
CVS Caremark and Caremark Rx Inc. Reach $48 Million Settlement in Securities Class Action
Sep 22 15
Labaton Sucharow LLP announced a $48 million settlement in a securities class action brought against CVS Caremark on behalf of lead plaintiffs Norfolk County Retirement System and Plymouth County Retirement System. The lawsuit alleged that in March 2007, CVS Corp. and Caremark Rx Inc. announced their merger, which was contingent upon CVS' ability to integrate Caremark's prescription benefits manager business into the new entity, CVS Caremark. By November 2007, the company misrepresented the status of the integration of CVS and Caremark, and falsely disclosed that CVS Caremark was operating as one company. The plaintiffs argued that the prescription benefits manager business was never properly integrated, and this failure led directly to customer service problems, resulting in the exit of many large clients. The company's stock price tumbled 20% when investors learned of the cause of the terminated relationships with CVS Caremark. Additionally, just before CVS Caremark disclosed the loss of many major clients, the company's CEO, CFO and the head of prescription benefits manager business cashed out more than $40 million in CVS Caremark stock for personal gain.
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