HARTFORD, Conn., April 17, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., Chair of the Lead Counsel Committee in the Merck & Co, Inc. "ERISA" Litigation, announces that Plaintiffs have filed a Proposed Supplemental Class Action Complaint against Merck & Co., Inc. ("Merck") (NYSE:MRK) in the United States District Court for the District of New Jersey. The action is on behalf of participants in the Merck & Co., Inc. Employee Savings & Security Plan (the "Salaried Plan"), the Merck & Co., Inc. Employee Stock Purchase & Savings Plan (the "Hourly Plan"), the Merck Puerto Rico Employee Savings & Security Plan (the "Puerto Rico Plan") and the Merck-Medco Managed Care, LLC 401(k) Savings Plan (the "Medco Plan") (collectively the "Plans"), for violations of the Employee Retirement Income Security Act ("ERISA").
The Proposed Supplemental Complaint has been amended to include additional ERISA breach of fiduciary duty claims against Defendants arising from improprieties relating to Vytorin, Merck's prescription anti-cholesterol drug. It is alleged, inter alia, that Defendants negligently failed to disclose material information about the effects of Vytorin necessary for participants to make informed decisions concerning their investments in the Merck Common Stock Fund (the "Fund"). The Proposed Complaint alleges that while Merck was publicly touting Vytorin as a superior cholesterol treatment, it actively hid clinical study results negating such claims. Merck knew or should have known that Vytorin, a combination of the anti-cholesterol drugs simvastatin and Zetia, was no more effective than simvastatin alone, which is available in a substantially cheaper generic form. When the truth was revealed, the Plans and Plan participants suffered massive losses as Merck's stock price and the price of the Fund decreased substantially.
To view a copy of the Proposed Supplemental Complaint or for more information about this case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.