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NEW YORK - The Federal Trade Commission is investigating some of CVS Caremark Corp.'s business practices, the company said Thursday.
The drugstore chain and pharmacy benefits manager did not disclose the details of the "nonpublic investigation," but said it has not violated any antitrust laws. CVS suggested the FTC inquiry is connected to complaints made by the Change to Win coalition of labor unions. Change to Win has said CVS Caremark's size and buying power is bad for consumers, and accused CVS of a stocking expired products and violating patients' privacy, among other issues.
Change to Win also opposed CVS' acquisition of Longs Drugs Stores last year. The Woonsocket, R.I., company said the turmoil began in early 2007, when the coalition began trying to unionize CVS employees.
"We think there are serious issues with the company," Change to Win spokesman Ahmer Qadeer told The Associated Press. "We think there's a real question of privacy problems, how they may use patient data, and real questions with this business model."
CVS reported its third-quarter results on Thursday, and also said the Caremark pharmacy benefits management unit has lost billions of dollars in contracts in recent months, which will keep the company from reaching its profit expectations in 2010. In afternoon trading, the stock sank $7.29, or 20.2 percent, to $28.85.
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