PHILADELPHIA, March 13 /PRNewswire/ -- Lead Counsel for Plaintiffs in the Schering-Plough Corporation Securities Litigation class action suit announced the following:
UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY IN RE: SCHERING-PLOUGH CORPORATION SECURITIES LITIGATION MASTER FILE NO. 01-CV-0829 (KSH/MF)
ATTENTION PURCHASERS OF SCHERING-PLOUGH CORPORATION SECURITIES DURING THE PERIOD FROM MAY 9, 2000 THROUGH AND INCLUDING FEBRUARY 15, 2001
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
AND SETTLEMENT HEARING
If you purchased the securities of Schering-Plough Corporation during the period from May 9, 2000 through and including February 15, 2001 (the "Class Period"), then you could receive a payment from the proposed settlement of this securities class action.
A Settlement has been proposed in a class action concerning the price of Schering-Plough securities during the Class Period. The Settlement will provide a settlement fund of one hundred and sixty-five million dollars ($165,000,000) for the benefit of investors who purchased Schering-Plough securities during the Class Period. If you qualify, you may send in a claim form to get benefits.
The United States District Court for the District of New Jersey authorized this Summary Notice. Before any money is paid to Class Members, the Court will hold a hearing to decide whether to approve the Settlement.
Who is Included?
You are a Class Member if you purchased securities of Schering-Plough during the period from May 9, 2000 through and including February 15, 2001. If you still are unsure whether you are included you can seek assistance by calling 1-877-451-2127 toll free or visiting www.hrsclaimsadministration.com for more information.
What is this Lawsuit About?
Lead Plaintiff, on behalf of the Class, alleges that the Defendants knowingly or recklessly made false and misleading statements and omissions that failed adequately to disclose serious and widespread deficiencies in Schering-Plough's manufacturing and quality operations and that such deficiencies gave rise to a serious risk that the United States Food and Drug Administration would delay approval of the company's New Drug Application for an allergy drug known as Clarinex(R). Lead Plaintiff alleges that as a result of these false and misleading statements and omissions, Defendants violated Section 10(b), 20(a) and 20A of the Securities Exchange Act of 1934.
Defendants deny any wrongdoing and specifically have denied the claims made by Lead Plaintiff in this Action. Defendants maintain that Schering-Plough's manufacturing and quality issues were known by the investing public and were duly and accurately disclosed in Schering-Plough's filings with the Securities and Exchange Commission. Defendants further maintain that Schering-Plough's public statements during the Class Period did not predict or promise that Clarinex(R) would be approved, and that, in any event, Defendants had no basis to believe that the approval of Clarinex(R) would be delayed.
The Court did not decide which side was right. Both sides have agreed to the Settlement to resolve this case. The two sides disagree on whether Class Members could have received money had the lawsuit gone to trial.
What Does the Settlement Provide?
Schering-Plough has agreed to pay one hundred and sixty-five million dollars ($165,000,000) in cash in settlement of this case. These funds will be distributed to eligible Class Members who send in valid claim forms, after the payment of court-approved legal fees and expenses, and the costs of claims administration, including the costs of printing and mailing the Notice and the cost of publishing this Summary Notice. The Stipulation of Settlement, available at www.hrsclaimsadministration.com, describes all of the details about the Settlement.
How Do You Ask For A Payment?
To qualify for a payment, you must send in a claim form. A detailed notice and claim form package contains everything you will need. Call 1-877-451-2127 toll free or visit www.hrsclaimsadministration.com to get one. Claim forms are due by June 18, 2009.
What Are Your Other Options
You can exclude yourself from the Settlement. If you do not want a payment from the Settlement, but you want to keep the right to sue or continue to sue the Defendants about the claims you would otherwise be releasing in this Settlement, then, if you have not already done so, you must take steps to exclude yourself from the Settlement. If you do not validly exclude yourself, you will be bound by the Settlement and the releases contained therein. If you already submitted a written request for exclusion in accordance with the requirements of a previously-mailed Notice of Pendency of Class Action dated July 13, 2007, then you do not have to take any further action to exclude yourself. You may, however, choose to rescind your previously submitted request for exclusion and participate in the Settlement. If you elect to stay in the Settlement, you have a right to object to it. The detailed Notice explains how to exclude yourself or object.
What Is the Settlement Hearing and Do You Need to Participate?
The Court will hold a final approval hearing to consider the Settlement at 2:00 p.m. on June 1, 2009, at the United States District Court for the District of New Jersey, located at the Frank R. Lautenberg U.S. Post Office & Courthouse Bldg., 50 Walnut Street, Newark, New Jersey 07101 in the Courtroom of the Honorable Katharine S. Hayden, U.S.D.J. At this hearing, the Court will consider whether the Settlement is fair, reasonable and adequate and whether to approve the payment of fees, costs and expenses to Lead Counsel. The lawyers representing Lead Plaintiff and the Class as Lead Counsel are Robert A. Hoffman, Esq., Barrack, Rodos & Bacine 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103.
You may object to the Settlement or to the payment of attorneys' fees, costs and expenses but only if (a) you are a member of the Class and (b) you follow the requirements for submitting an objection set forth in the detailed Notice. If there are objections that have been submitted in accordance with the requirements in the detailed Notice, the Court will consider them and will listen to people of who have submitted such objections. You may ask to appear at the hearing, but you don't have to. You may object to the Settlement or appear at the final approval hearing either directly or through an attorney retained at your own expense.
This is just a summary of the Settlement and does not contain all of its material terms. To obtain additional information on the Settlement and a copy of the full Notice, visit www.hrsclaimsadministration.com or call toll free 1-877-451-2127.
QUESTIONS? CALL 1-877-451-2127 TOLL FREE, OR VISIT WWW.HRSCLAIMSADMINISTRATION.COM
|SOURCE Barrack, Rodos & Bacine|
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