Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/schering/) today announced that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Schering-Plough Corporation (“Schering-Plough”) (NYSE:SGP) securities during the period between July 24, 2006 and January 14, 2008 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from January 18, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/schering/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Schering-Plough and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Schering-Plough is a pharmaceuticals company engaged in the discovery, development, manufacture, and marketing of medical therapies and treatments worldwide.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements about Schering-Plough’s drug Zetia, used to lower cholesterol, Zetia’s sister drug, Vytorin, which is a combination of Zetia and the statin Zocor, and a clinical trial about those drugs called ENHANCE.
On January 14, 2008, defendants released the results of the ENHANCE trial, which had been delayed for eighteen months. The ENHANCE trial found that high cholesterol patients did no better taking Vytorin over the generic form of Zocor and that patients on Vytorin actually had more heart attacks, cardiovascular deaths and heart procedures than those who were on Zocor. As a result, Schering-Plough’s stock price dropped $2.21 in one day.
Plaintiff seeks to recover damages on behalf of all purchasers of Schering-Plough securities during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.