Business News • MarketWire • Unanimous Supreme Court Allows Vioxx Securities Class Action to Proceed |
Unanimous Supreme Court Allows Vioxx Securities Class Action to Proceed |
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Unanimous Supreme Court Allows Vioxx Securities Class Action to Proceed
NEW YORK, NY--(Marketwire - April 27, 2010) - The United States Supreme Court, in a unanimous opinion issued today in Merck & Co., Inc. v. Reynolds, et al., No. 08-905 (U.S.), held that investors' federal securities fraud claims against defendant Merck & Co., Inc. (NYSE: MRK) were not barred by the statute of limitations. In their complaint, plaintiffs-investors allege that Merck and its senior officers fraudulently misrepresented the serious cardiovascular risks to patients associated with the use of Vioxx, the pharmaceutical company's new blockbuster drug. Merck ultimately withdrew Vioxx from the market citing safety concerns in the fall of 2004. As a result of defendants' fraud, plaintiffs allege that investors in Merck shares were misled about Vioxx, and suffered billions of dollars in losses.
View More : http://www.marketwire.com/mw/release.do?id=1154799&sourceType=3
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