>> The complaint charges Merck and Richard T. Clark, Chairman, President and Chief Executive Officer with violations of the Federal Securities Laws. The Complaint alleges that defendants deceived the investing public regarding the results of the ENHANCE trial because the results were not positive or beneficial to Merck and to the contrary would be detrimental. The trial results when fully explained and disclosed on March 28, 2008 showed that there was no statistically significant difference between patient use of VYTORIN versus patients treated with SIMVASTATIN. Based on trial results, defendants were aware that the medical community would turn to an alternative, less expensive statins, thus seriously impacting the Company's earning. Moreover, the Company's earnings were dependent on increasing sales of VYTORIN as its patent and exclusivity on ZOCOR had expired and the company's performance would and could be negatively impacted by competition from cholesterol management products on the market. These disclosures caused Merck's stock price to fall from $44.51 on March 28, 2008 to close on March 31, 2008 at $37.95.
Plaintiff seeks to recover damages on behalf of all those who purchased the common stock of Merck (NYSE:MRK) between October 22, 2007 and March 28, 2008. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. <<
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