An investigations on behalf of former and current employees of CVS Caremark Corporation (Public, NYSE:CVS) concerning potential Employee Retirement Income Security Act (“ERISA”) Breach of Fiduciary Duty was announced.

Caremark Corporation (Public, NYSE:CVS) has been accused of securities fraud and according to an investigation by a law firm under ERISA employees (former and current) of Caremark Corporation (NYSE:CVS) may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them.

An investor in CVS Caremark Corporation has filed a lawsuit in the United States District Court for the District of Rhode Island on behalf of investors, who purchased their CVS Caremark Corporation (Public, NYSE:CVS) shares between May 5, 2009 and November 4, 2009, against CVS Caremark and others over alleged violations of Federal Securities Laws by issuing between May 5, 2009 and November 4, 2009 numerous positive statements regarding CVS Caremark’s financial condition, business and prospects and failing to disclose operating problems in the PBM business, the more than $6 billion in contractual losses for 2010 and the adverse impact this would have on its 2010 financial results.

According to the complaint, CVS Caremark Corporation disclosed that the Federal Trade Commission (“FTC”) had begun a “nonpublic investigation” in August 2009 into whether CVS Caremark Corporation’s business practices and service offerings violated antitrust laws. Among the business practices of CVS Caremark Corporation that the FTC is reportedly investigating is the improper use of pricing and patient data from its retail pharmacy operations to steer its PBM members to CVS stores, so the lawsuit. Then on November 5, 2009, CVS Caremark Corporation issued a press release announcing the disclosures of the adverse material facts concerning the PBM business and their adverse impact on CVS Caremark's financial results for 2010, and the FTC investigation. In response to this press release, the price of CVS common stock fell 20% to close at $28.87.

CVS Caremark Corp, located in Woonsocket, RI, is a provider of prescriptions and related healthcare services in the United States. It is a pharmacy services company and drives value for its customers through its approximately 6,900 CVS/pharmacy and Longs Drug retail stores. CVS Caremark Corporation with a Market Cap of $42.94billion reported in 2007 Total Revenue of $76.3295billion with a Net Income of $2.637billion and in 2008 Total Revenue of $87.4719billion with a Net Income of $3.2121billion. Shares of CVS Caremark Corporation (CVS) traded recently at $30.44 per share, down from its 52weekHigh of $38.27 per share and over $43 per share in 2008.