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Labaton Sucharow Secures $473 Million Settlement In Case Against Schering-Plough Corporation
Date:2/14/2013

lleged to have made a series of material misrepresentations and omissions concerning the ENHANCE trial and the commercial viability of VYTORIN®.

"We are pleased to have secured this significant recovery for investors," said Labaton Sucharow partner Christopher McDonald, co-lead counsel for the Class.  "The settlement is even more gratifying because it underscores the value of private civil litigation to protect shareholder rights.  Multiple federal and state agencies investigated the matter, but our case is what yielded a significant financial benefit for Schering's investors."

In November 2009, Schering and Merck merged, with the surviving entity keeping the Merck name.  The settlement inures to the benefit of legacy Schering investors who purchased Schering securities between January 3, 2007 and March 28, 2008.

Labaton Sucharow represents co-lead plaintiff and class representative the Massachusetts Pension Reserves Investment Management Board.  The other co-lead plaintiffs in the Schering action are the Arkansas Teacher Retirement System, the Public Employees' Retirement System of Mississippi, and the Louisiana Municipal Police Employees' Retirement System. 

The defendants include Schering, certain of Schering's former directors and officers, the underwriters that participated in public offerings of Schering stock in August 2007, and Merck/Schering-Plough Pharmaceuticals, the joint venture formed by Schering and Merck to market VYTORIN® and another anti-cholesterol drug product, ZETIA®.  Both VYTORIN® and ZETIA® contain the drug ezetimibe.  VYTORIN® also contains the drug simvastatin, which is the active ingredient in ZOCOR®.  By comparing VYTORIN® and ZOCOR®, the ENHANCE trial sought to determine whether the additional cholesterol lowering obtained with ezetimibe would result in a biologic benefit (i.e., a reduced atheroscle
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SOURCE Labaton Sucharow LLP
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