Schering-Plough Corporation (NYSE: SGP) Investor Securities Class Action Lawsuit 01/18/2008

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Company Name(s): 
Schering-Plough Corporation
Case Name: 
Schering-Plough Corporation Shareholder Class Action Lawsuit 01/18/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: SGP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/18/2008
Class Period Begin: 
01/03/2007
Class Period End: 
03/28/2008
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
03/18/2008
Date Settled: 
10/01/2013
Settlement Amount: 
$473,000,000
Deadline to Participate in Settlement: 
11/18/2013
Summary: 

October 1, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

June 6, 2013 - The court preliminarily approved the settlement.

June 4, 2013 - Parties filed a stipulation of settlement.

September 2, 2009 - The court denied the defendants' motion to dismiss.

December 10, 2008 - The defendants filed a motion to dismiss.

September 15, 2008 - The lead plaintiffs filed an amended consolidated complaint.

April 18, 2008 - Lead plaintiffs and lead counsel were appointed.

March 27, 2008 - All cases were consolidated.

March 18, 2008 - Lead plaintiff motions were filed.

January 18, 2008- An investor in shares of Schering Plough Corporation (NYSE: SGP now trading on the NYSE sheets as NYSE: MRK after the November 4, 2009 merger with Merck & Co) filed a lawsuit in the U.S. District Court for the District of New Jersey against Schering Plough Corporation over alleged violations of Federal Securities Law.

The plaintiff alleges, that Schering-Plough Corporation engages in the discovery, development, manufacture, and marketing of medical therapies and treatments worldwide. The complaint alleges that the Company and certain of its officers and/or directors failed to disclose and misrepresented material adverse facts known to defendants or recklessly disregarded by them, thereby artificially inflating the value of Schering Plough Corporation shares during July 24, 2006 and January 14, 2008. Specifically, the complaint alleges that the Company and the other defendants misled investors regarding the increased efficacy of Vytorin, a combination of Zetia and Zocor, over the cheaper generic form of Zocor (simvastatin), alone, and delayed disclosing results of the ENHANCE study demonstrating that Vytorin was not more efficacious than simvastatin.