Class Action Cites Zetia & Vytorin
Recent Cases
In a shareholder's class action that neatly summarizes complaints about Schering-Plough Corp.'s sales of its cholesterol drugs Zetia and Vytorin, the Arkansas Teacher Retirement System claims: "Sixteen months after completion of a study showing that its two most profitable drugs had no greater health benefit than far cheaper generic competitors - and may even be harmful - Schering sold over $4 billion of its own securities to the investing without disclosing the results of the study. This lack of disclosure violated the securities laws."
The complaint continues: "It took the Company another five months to disclose some of the study results and when it did, Schering's stock dropped precipitously and investors were harmed. Ten weeks after that initial disclosure, Schering disclosed the study results in their entirety, which caused the stock to drop even further.
"Defendant Schering manufactures and markets two anti-cholesterol drugs called Zetia and Vytorin. Vytorin is a combination of Zetia and Zocor - in generic form, simvastatin - and is jointly manufactured and marketed with Merck & Co., Inc. Total sales of Zetia and Vytorin were $3.9 billion in 2006 and $5.2 billion in 2007. These drugs are Schering's most profitable, accounting for 70 percent of its profits, by one estimate."
This is not the first such class action against Schering-Plough. Courthouse News reports it because its first six pages contain a clear and concise summary of the allegations, and the history of the medical trials that Schering allegedly failed to disclose.
Plaintiffs are represented by James Cecchi with Carella, Byrne, Bain, Gilfillan, Cecchi, Stewart & Olstein of Roseland, N.J.
Related listings
-
Circuit Applies New Test for Declaratory Judgment
Recent Cases 04/01/2008The Federal Circuit Court of Appeals recently reversed a district court’s dismissal of a declaratory judgment action, relying on the Supreme Court’s decision in MedImmune Inc. v. Genentech Inc., 127 S.Ct. 764 (2007). See Micron Technology, Inc. v. MO...
-
Supreme Court On Hall Street Assoc. v. Mattel, Inc.
Recent Cases 03/31/2008The Federal Arbitration Act (FAA), 9 U. S. C. §§9–11, provides expedited judicial review to confirm, vacate, or modify arbitration awards. Under §9, a court “must” confirm an award “unless” it is vacated, modified, or corrected “as prescribed” in §§1...
-
Icahn Plans More Legal Action Against Motorola
Recent Cases 03/24/2008Carl Icahn and his affiliates on Monday said it is filing a lawsuit in the Court of Chancery of the State of Delaware seeking a court order requiring Motorola to make certain materials demanded by Icahn from Motorola available for inspection. The mat...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.