CVS Might Have to Fight Aetna Investor’s Appealed Disclosure Row

CVS Health Corp. met a tough judicial panel in a former Aetna Inc. investor’s bid to revive a proposed class action tied to disclosures about its long-term care unit made during its 2018 acquisition.

The US Court of Appeals for the First Circuit dug into both sides during oral arguments Tuesday about what would make disclosures satisfactory and how this case differed from a previously dismissed suit involving a different category of investors.

Unlike in the prior lawsuit that the First Circuit affirmed in 2022, these claims under a different securities law have an alleged timeframe of deep customers losses ...