MINNEAPOLIS, Nov. 19, 2004 (PRIMEZONE) -- Lockridge Grindal Nauen P.L.L.P. commenced a class action lawsuit in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased or otherwise acquired Merck & Co., Inc. (NYSE:MRK) ("Merck" or the "Company") securities, including common stock, between October 30, 2003 and September 29, 2004, inclusive, and who suffered damages.
The Complaint alleges that Merck failed to disclose material information during the Class Period concerning the safety of its arthritis drug Vioxx, and that a growing body of evidence demonstrated that patients who used the drug for more than 18 months were exposed to an increased risk of heart attack.
On September 30, 2004, the Company announced that it was immediately withdrawing Vioxx from the market after a data safety monitoring board, overseeing a long-term study of the drug, recommended that the study be halted because of an increased risk of serious cardiovascular events among members of the study group. The Company's sudden decision to withdraw Vioxx was in stark contrast to its prior public announcements touting the safety of Vioxx and other public disclosures by the Company and its representatives that specifically refuted criticism of the drug lodged by respected clinicians.
The Company's withdrawal of Vioxx on September 30, 2004, came only one month after the Company issued a press release refuting reputable clinicians' criticisms of Vioxx and its safety profile and on the heels of the Company obtaining approval to market the drug for the treatment of juvenile arthritis and migraines.
In addition to frightening millions of people who were misled and used Vioxx despite these serious risks, the announcement caused the Company's common stock to plummet during September 30, 2004 trading by approximately 25%, or $12 per share. The resulting market capitalization loss was a staggering $26 billion.
Plaintiffs are represented by the law firm of Lockridge Grindal Nauen P.L.L.P. The firm has considerable experience in prosecuting securities class actions, has extensive experience representing shareholders in class actions, and has successfully recovered billions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation have been repeatedly recognized by courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations. Lockridge Grindal Nauen P.L.L.P. has offices in Minneapolis and Washington, D.C.
If you purchased Merck securities (including shares of its common stock, debt instruments, call options, and/or sold put options) you have until November 30, 2004 to participate in the case and ask the Court to appoint you as one of the lead plaintiffs for the Class. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain Lockridge Grindal Nauen, or other counsel of your choice, to serve as your counsel in this action.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, please call or write:
Karen Hanson Riebel, Esq. Lockridge Grindal Nauen P.L.L.P. 100 Washington Avenue South Suite 2200 Minneapolis, MN 55401 (612) 339-6900 khriebel@locklaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.