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Merck & Co., Inc. Summary: According to the press release dated May 8, 2008, the class action lawsuit filed in the United States District Court, Eastern District of Pennsylvania, 08cv1603, has been withdrawn without prejudice since defendants had not appeared, answered or moved for summary judgment. The action will be refiled in the United States District Court for the District of New Jersey, Civil Action No. 08-02177.
The first complaint filed charges Merck and its Chairman, President and Chief Executive Officer with violations of the Federal Securities Laws. The Complaint alleges that defendants deceived the investing public regarding the results of the ENHANCE trial because the results were not positive or beneficial to Merck and to the contrary would be detrimental. The trial results when fully explained and disclosed on March 28, 2008 showed that there was no statistically significant difference between patient use of VYTORIN versus patients treated with SIMVASTATIN. Based on trial results, defendants were aware that the medical community would turn to an alternative, less expensive statins, thus seriously impacting the Company's earning. Moreover, the Company's earnings were dependent on increasing sales of VYTORIN as its patent and exclusivity on ZOCOR had expired and the company's performance would and could be negatively impacted by competition from cholesterol management products on the market. These disclosures caused Merck's stock price to fall from $44.51 on March 28, 2008 to close on March 31, 2008 at $37.95.
INDUSTRY CLASSIFICATION:
SIC Code: 2834
Sector: Healthcare
Industry: Major Drugs
| COMPANY/ISSUER NAME: | Merck & Co., Inc. |
| COMPANY/ISSUER TICKER: | MRK |
| COMPANY WEBSITE: | http://www.merck.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Mayer Horowitz, et al. v. Merck & Co., Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of Federal Securities Laws - Demand for Jury Trial | |||
| Type: Complaint | Date on the document: 4/3/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Genesee County Employees’ Retirement System, et al. v. Merck & Co., Inc.,et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Complaint And Demand For Jury Trial | |||
| Type: Complaint | Date on the document: 5/5/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 5/6/2008 | ||
| OTHER DOCUMENTS | |||
| Demand For Jury Trial Class Action Complaint For Violation Of The Federal Securities Laws | |||
| Case Name and/or Number: Philippe Hofmans, et al. v. Merck & Co., Inc.,et al. | |||
| Type: Complaint | Date on the document: 5/7/2008 | ||
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