Robbins Geller Rudman & Dowd LLP (https://www.rgrdlaw.com/cases/cvshealth/) today announced that a class action has been commenced by an institutional investor on behalf of all former Aetna Inc. shareholders who acquired CVS Health Corporation (NYSE:CVS) shares in exchange for their Aetna shares in connection with CVSs acquisition of Aetna on November 28, 2018. This action was filed in the District of Rhode Island and is captioned Waterford Township Police & Fire Ret. Sys. v. CVS Health Corp., et al., No. 19-cv-00434.
The Private Securities Litigation Reform Act of 1995 permits any former Aetna shareholders who acquired CVS shares in exchange for their Aetna shares in connection with CVSs acquisition of Aetna to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investors ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [email protected]. You can view a copy of the complaint as filed at https://www.rgrdlaw.com/cases/cvshealth/.
The complaint charges CVS and certain of CVSs and Aetnas officers and directors with violations of the Securities Act of 1933. CVS provides retail pharmacy and pharmacy benefit manager services nationwide. On May 20, 2015, CVS Pharmacy, Inc., a wholly owned subsidiary of CVS, entered into a merger agreement to acquire Omnicare, Inc., a provider of pharmaceuticals and related pharmacy services to long-term care (LTC) facilities (e.g., assisted living, skilled nursing, and senior centers) and a provider of specialty pharmacy and commercialization services for the bio-pharmaceutical industry.
In connection with the acquisition of Aetna (the Acquisition), defendants filed with the SEC a Registration Statement on Form S-4, which was declared effective on February 9, 2018, and a joint proxy statement/prospectus on Form 424B3 (collectively the Offering Documents). The complaint alleges that the Offering Documents contained materially false and/or misleading statements about CVSs compliance with Generally Accepted Accounting Principles (GAAP). In particular, CVS falsely represented in the Offering Documents that it had properly accounted for its $6+ billion goodwill asset, as reported in the LTC unit, associated with CVSs 2015 acquisition of LTC pharmacies of Omnicare.
In March 2018, CVS raised $40 billion in debt securities to help fund the cash component to be paid to Aetna shareholders. The balance of consideration due to Aetna shareholders would be paid in shares of CVS stock. On March 13, 2018, Aetna shareholders approved the Acquisition (including the provisions whereby Aetna shareholders would exchange their Aetna shares for CVS shares). The complaint alleges Aetna shareholders approved the Acquisition not knowing that CVSs reporting of its goodwill asset was not GAAP-compliant, that the Omnicare-related goodwill was materially impaired, and that the price of CVS shares was materially inflated.
After the Aetna shareholders had approved the Acquisition, in August 2018, CVS disclosed it was clearly disappointed with [the] performance in the Omnicare business and that, since the third quarter of 2017, CVS had been closely monitoring the performance of the [Omnicare] business for potential indicators of impairment. As a result of that disappointment and close monitoring since 2017 that triggered belated updated forecasts, CVS announced a goodwill impairment charge of $3.9 billion to be recognized in the second quarter of 2018.
On November 28, 2018, the defendants announced that the Acquisition was formally closed, with Aetna shareholders receiving CVS stock valued at $80 per share.
In late February 2019, CVS announced a second multi-billion-dollar impairment charge to its Omnicare-related goodwill, this time a $2.2 billion impairment to be recognized in the fourth quarter of 2018. CVS cited operational challenges as a basis for this second massive charge. On this news, the price of CVS shares fell to the mid-$50 range. Currently CVS stock is trading below $59 per share, representing a more than 27% decline from the approximately $80 per share the stock was trading at when exchanged for Aetna shares in the Acquisition.
Plaintiff seeks to recover damages on behalf of any former Aetna shareholders who acquired CVS shares in exchange for their Aetna shares in connection with the Acquisition (the Class). The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller Rudman & Dowd LLP is one of the worlds leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For six consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit https://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld
ROSEN, GLOBAL INVESTOR COUNSEL, Reminds Wrap Technologies, Inc. Investors of Important Deadline in Securities Class Action; Encourages Investors with Losses in Excess of $100K to Contact the Firm – WRTC
Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Wrap Technologies, Inc. (NASDAQ: WRTC) between July 31, 2020 and September 23, 2020, inclusive (the Class Period) of the important November 23, 2020 lead plaintiff deadline in the case commenced by the firm. The lawsuit seeks to recover damages for Wrap investors under the federal securities laws.
To join the Wrap class action, go to http://www.rosenlegal.com/cases-register-1953.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company had concealed the results of the LAPD BolaWrap pilot program, which demonstrated that the BolaWrap was ineffective, expensive, and sparingly used in the field; and (2) as a result, Defendants public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 23, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1953.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTORS ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firms attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
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Books-A-Million Honors U.S. Military with Coffee for the Troops Program Through October 24
Books-A-Million, in partnership with Soldiers Angels, is back with its 15th Coffee for the Troops program from Saturday, September 26 “ Saturday, October 24. The campaign offers customers an opportunity to show gratitude and support for brave service men and women currently serving our country, as well as veterans and patients in VA hospitals throughout the U.S. For every five bags of freshly ground Joe Muggs Coffee donated by customers, Books-A-Million will donate one.
Coffee for the Troops has grown tremendously over the years and in our 15th Coffee for the Troops campaign we are proud of our customers generosity and support in honoring those who have served our country, said Books-A-Millions, Vice President Matt Krenza,. Through our partnership with Soldiers Angels, we look forward to building on the success of the Coffee For The Troops program and reaching even more of our veterans and service men and women through our matching contribution.
Since 2012, Books-A-Million has partnered with Soldiers Angels to donate more than 63 million cups of coffee to veterans and VA hospitals in the U.S., as well as to service men and women currently serving overseas. Each year, Coffee for the Troops has exceeded its donation goals thanks to the generosity of supporters across the country.
We are extremely grateful for the continued support from Books-A-Million and their customers through the Coffee for the Troops program, said Amy Palmer, President and CEO of Soldiers Angels. Coffee continues to be one of the most requested items from deployed troops as well as VA Hospitals. Your generosity through this campaign allows us to provide this staple item to locations that may otherwise have none.
Customers looking to go the extra mile to show their gratitude to service members and veterans can leave a personalized message on the donated bags. To find the nearest Books-A-Million and Joe Muggs location, visit booksamillion.com/storefinder.
Books-A-Million, headquartered in Birmingham, Alabama, is the second largest chain of bookstores in the United States. Books-A-Million got its start in 1917 as a magazine stand in Florence, Alabama and now operates over 200 stores in the 32 states and online at booksamillion.com. While Books-A-Millions presence has grown, the goal has remained the same: to serve each community with the best selection of books, toys, games and entertainment, all at great prices. Find the nearest Books-A-Million at booksamillion.com/storefinder. Follow Books-A-Million on Twitter (twitter.com/booksamillion) and like us on Facebook (facebook.com/booksamillion).
ABOUT SOLDIERS ANGELS
Soldiers’ Angels is a national 501(c)(3) nonprofit that provides aid, comfort, and resources to the military, veterans, and their families. Founded in 2003 by the mother of two American soldiers, hundreds of thousands of Soldiers’ Angels “Angel” volunteers assist veterans, wounded and deployed personnel and their families in a variety of unique and effective ways. (Tax ID# 20-0583415). Learn more at soldiersangels.org. Learn more about Soldiers Angels Home of the Brave at homeofthebravecampaign.com.
Robert “Tyner” Brenneman-Slay Departs 24 Hour Home Care
24 Hour Home Care, a leading private duty home care company, has announced that Robert (Tyner) Brenneman-Slay, Co-Founder and Chief Operating Officer, has departed the company.
Tyner was fundamental in contributing to the growth and success of the company over the last 12 years, as 24 Hour Home Care has grown into one of the largest in home care providers in the nation. As with any entrepreneur, Tyner wore many hats in the organization, leading compliance, human resources and information technology, while also focusing on the strategic direction of the company. Tyner is leaving to focus on his new entrepreneurial endeavors.
Robert (Tyner) Brenneman Slay, Co-Founder & COO of 24 Hour Home Care, has been recognized as an EY Entrepreneur of the Year in 2017. Tyner helped 24 Hour Home Care make Fortunes Top 50 Best Workplaces for Diversity and Aging Services two years in a row. He contributed to the company making the Inc 5000 List of Americas Fastest Growing Companies for 8 consecutive years. Tyner holds a Bachelor of Science Degree from the University of Southern California Marshall School of Business with an emphasis in Entrepreneurial Studies.
About 24 Hour Home Care
24 Hour Home Care provides high-quality, customized, professional caregiving services to seniors and individuals with developmental disabilities, allowing them to continue full, active, and healthy lifestyles. 24 Hour Home Care has expanded to 20 locations throughout California, Arizona, and Texas hiring over 10,000 employees. Fortune named 24 Hour Home Care to the 50 Best Places to Work In Aging Services (2018 and 2019) and Top 100 Best Workplaces for Diversity. 24 Hour Home Cares owners received the Ernst & Young Entrepreneur of the Year Award (2017) and the company was named to Inc. Magazines list of Fastest-Growing Private Companies, the Inc. 5000, for the eighth consecutive year. 24 Hour Home Care has received additional accolades, including being listed by Forbes Magazine as the #24 Most Promising Company in America.
Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Wrap Technologies, Inc. (NASDAQ: WRTC)...
Books-A-Million Honors U.S. Military with Coffee for the Troops Program Through October 24
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