A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Merck & Co Inc (NYSE:MRK) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on September 12, 2016 and NYSE: MRK investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/12/2016 -- The Shareholders Foundation announced that a deadline is coming up on September 12, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Merck & Co Inc (NYSE:MRK) between May 21, 1999 and October 29, 2004.
Investors who purchased a significant amount of shares of Merck & Co Inc (NYSE:MRK) between May 21, 1999 and October 29, 2004, have certain options and should contact the Shareholders Foundation by email at firstname.lastname@example.org or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Merck & Co Inc (NYSE:MRK) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/merck-co-inc-nyse-mrk-investor-securities-class-action-lawsuit-11062003
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is September 12, 2016. The class action administrator for this case is Epiq Systems.
The lawsuit was originally filed in the U.S. District Court for the Eastern District of Louisiana against Merck & Co Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 22, 1999 and October 22, 2003.
The complaint filed alleges that defendant violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 by issuing a series of material misrepresentations to the market between May 22, 1999 and October 22, 2003. More specifically, the complaint alleges that the defendants engaged in a marketing campaign which included false and misleading statements concerning the safety profile of Merck & Co Inc's painkilling drug, Vioxx, and Vioxx's superiority to its rival drug, Celebrex, manufactured by Merck & Co Inc's competitor, Pfizer. On November 16, 1999, the Food and Drug Administration ('FDA') sent a letter to defendants which stated that certain of Merck & Co Inc's promotional pieces of Vioxx were false and misleading and lacked fair balance. Moreover, during the Class Period, defendants failed to disclose material information concerning the degree of the serious adverse side-effects of Vioxx, including significantly increased risks of heart attacks in patients taking the drug. Specifically, in March 2000, defendants released the results of a Merck & Co Inc-sponsored study called the Vioxx Gastrointestinal Outcomes Research (the 'VIGOR study') which demonstrated 'significantly few heart attacks were observed in patients taking naproxen (0.1 percent) compared to the group taking Vioxx 50 mg (0.5 percent) in this study.' In September 2001, defendants received another letter from the FDA concerning Merck & Co Inc's marketing of Vioxx during which, the Agency warned, Merck & Co Inc minimized the potentially serious risk of increased heart problems discovered in the VIGOR study and downplayed the adverse effects of using Vioxx with the drug Coumadin. The FDA concluded in the letter that Merck & Co Inc's marketing of Vioxx was 'false, lacking in fair balance, or otherwise misleading(.)' Despite available information, defendants failed to adequately disclose the degree of the serious adverse risks of Vioxx, contending that the FDA Warning Letter and other studies were inaccurate and/or inconclusive, and instead, continued to tout the efficacy of the drug and the revenues derived from the sale thereof. As a result of defendants' false and misleading statements, the price of Merck & Co Inc's securities was artificially inflated during the Class Period, enabling Company insiders to sell their personally held shares of Merck & Co Inc for over $175 million in proceeds, and causing injury to plaintiff and other members of the Class.
The complaint further alleges that on October 22, 2003, an article was published on Reuters reporting Merck & Co Inc's third quarter 2003 results and confirming that Vioxx is suffering from clinical trial data suggesting it might slightly raise the risk of heart attacks, and the growing perception that its pain-fighting capabilities are no better than traditional painkillers.'
Those who purchased shares of Merck & Co Inc have certain options and should contact the Shareholders Foundation.
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