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Dow Jones News: Walgreens Down as CVS Sued

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DiscoverGold   Tuesday, 12/17/19 06:09:38 PM
Re: None
Post # of 280 
Dow Jones News: Walgreens Down as CVS Sued
By: Motley Fool | December 17, 2019

Walgreens down as CVS sued by the government
Shares of drug store chain Walgreens were down 0.9% after news broke that rival CVS was being sued by the U.S. government for fraudulently billing Medicare and Medicaid for drugs without valid prescriptions. The U.S. Department of Justice joined two whistle-blower suits accusing CVS's Omnicare unit of filling expired prescriptions and submitting false claims to government healthcare programs. Shares of CVS were down 1.4%.

CVS defended itself in a statement: "We are confident that Omnicare's dispensing practices will be found to be consistent with state requirements and industry-accepted practices."

This news has nothing to do with Walgreens, but the lawsuit could be spooking investors nonetheless. Walgreens is in the middle of an effort to go private, which is likely a long shot given the size of the company. Shares of Walgreens enjoyed an initial pop after the plans were reported, but they've been fading ever since. This lawsuit isn't helping matters.

Walgreens stock has performed poorly this year, down about 16% year to date.

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