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Settlement Hearing on Schering-Plough Corporation Securities Litigation to be Held on June 1, 2009 at 2:00 P.M.
Date:3/13/2009

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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 o
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SOURCE Barrack, Rodos & Bacine
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