LITTLE ROCK, Ark., Oct. 12, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of CVS Corporation ("CVS" or the "Company") (NYSE:CVS) common stock during the period between February 6, 2001 through June 27, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's Website at http://www.classlawyer.com/pr/cvs.pdf.
The complaint charges CVS and certain of its officers and directors with issuing false and misleading statements regarding its business and financial condition. Specifically, the complaint alleges that throughout the Class Period, CVS issued positive statements concerning its business and operations which failed to disclose, among other things, that the Company was unable to successfully address the national shortage of pharmacists and that this shortage was negatively impacting CVS' business, and that the Company's expansion plans would have to be scaled back in light of the difficulties facing the Company. When this information became publicly known on June 27, 2001, the price of CVS common stock dropped sharply, falling from $44.10 per share to $36.51 per share on extremely heavy trading volume. During the Class Period, CVS insiders were able to dispose of shares of their personally held stock for gross proceeds in excess of $8 million, and CVS was able to raise $300 million through the issuance of notes on highly favorable terms.
If you bought the common stock of CVS between February 6, 2001 through June 27, 2001, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than October 22, 2001. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman and Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents investors throughout the nation. If you have any questions about how you may be able to recover your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm, or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Jackie Addison, Sue Null or Charlie Gastineau P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.