CVS Health Corporation

Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of CVS Health Corporation (NYSE: CVS) resulting from allegations that CVS may have issued materially misleading business information to the investing public.

If you purchased CVS securities and would like to join the prospective action, please click “Join This Class Action.”

If you purchased CVS securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of investigation:

On May 1, 2024, before market hours, CVS issued a Current Report on Form 8-K announcing its first quarter 2024 results and revising its full-year 2024 guidance. Among other items, CVS reported $88.4 billion in revenue, missing expectations of $89 billion. The Company stated that higher utilization of healthcare services, meaning more insurance dollars spent, weighed on its results in addition to Medicare reimbursement rate cuts that will continue to pressure CVS for the remainder of the year. The revised full-year 2024 guidance, included “[r]evised GAAP diluted EPS guidance to at least $5.64 from at least $7.06”; “[r]evised Adjusted EPS guidance to at least $7.00 from at least $8.30”; and “[r]evised cash flow from operations guidance to at least $10.5 billion from at least $12.0 billion”.

On this news, CVS’s stock price fell $11.40 per share, or 16.8%, to close at $56.31 per share on May 1, 2024.

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Company Name: CVS Health Corporation
Stock Symbol: CVS
Class Period: N/A
Court: N/A

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