Schering-Plough Reports Proposed Settlement in Litigation Involving Planned Merger ... ( KENILWORTH N.J. July 24 /- Sche...)

Schering-Plough Reports Proposed Settlement in Litigation Involving Planned Merger with Merck

Date:7/24/2009

KENILWORTH, N.J., July 24 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today reported a proposed settlement, subject to Court approval, to resolve litigation seeking to enjoin the planned merger with Merck & Co., Inc., and other forms of relief. The consolidated class action lawsuits, previously reported in the merger proxy statement/prospectus filed June 25, 2009, were filed in U.S. District Court for the District of New Jersey.

The proposed settlement, as more fully described in a Form 8-K being filed today, provides for Schering-Plough to make additional disclosures related to the proposed merger, which are contained in the Form 8-K. No damages would be paid by Schering-Plough in connection with this proposed settlement. The parties agreed that plaintiffs' counsel may apply to the Court for an award of attorneys' fees and costs, to be paid by Schering-Plough.

This settlement, if approved by the court, and the settlement announced by Merck today, will serve to resolve and release all claims that were or could have been brought by any shareholder of Schering-Plough or Merck challenging any aspect of the proposed merger, including any disclosures made in connection therewith. Schering-Plough said the proposed settlement is not in any way an admission of any wrongdoing or liability in connection with plaintiffs' allegations. The company said it agreed to settle the suit in order to avoid the further costs and inherent uncertainty of litigation.

Schering-Plough Disclosure Statement

This communication includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about the resolution of liti
'/>"/>

0

GOOD

Page: 1 2
Related medicine news :

1. New Vaccine from Intervet/Schering-Plough Animal Health is First for Canine Influenza Virus
2. Schering-Plough Announces European Filing of SYCREST(R) (asenapine) for the Treatment of Schizophrenia and Bipolar I Disorder
3. Valeant Grants Schering-Plough Exclusive Option in Japan for Taribavirin in Exchange for Release of Last Right of Refusal
4. Johnson & Johnson Files Arbitration Demand Against Schering-Plough to Resolve Dispute Over Agreements for REMICADE(R) and SIMPONI(TM)
5. Video: Schering-Plough Introduces TINACTIN(R) CHILL, a Line of Antifungal Products Geared Specifically to Young Males
6. Schering-Plough Starts Patient Enrollment in Phase 3 Trial for Acadesine, an Investigational Agent Being Studied for Prevention of Complications From Cardiac Surgery
7. Schering-Plough Flips the Switch on 1.7 MW Rooftop Solar Panel System, One of the Largest in N.J., North America
8. J&J, Schering-Plough, Novartis, Bayer vie for Top Honors at the Premier OTC / Healthcare Ad Awards
9. Schering-Plough Reports Financial Results for 2009 First Quarter
10. EPA Names Schering-Plough 2009 EPA ENERGY STAR(R) Partner of the Year
11. Settlement Hearing on Schering-Plough Corporation Securities Litigation to be Held on June 1, 2009 at 2:00 P.M.

Post Your Comments:

Schering-Plough Reports Proposed Settlement in Litigation Involving Planned Merger ...( KENILWORTH N.J. July 24 /- Sche...),Health