NEW YORK, Jan. 24, 2008 (PRIME NEWSWIRE) -- The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf of all purchasers of Schering-Plough Corporation ("SGP" or the "Company") (NYSE:SGP) stock during the period from July 24, 2006 through and including January 14, 2008 (the "Class Period").
To join the SGP class action, go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER.
The complaint charges that SGP and certain of its officers, directors, and control persons violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements pertaining to the Company's two leading cholesterol drugs Vytorin and Zetia. In particular, the Complaint asserts that SGP's financial success reported during the Class Period was based in part by SGP's manipulation of drug testing results for Vytorin and Zetia. The lawsuit asserts that the Company withheld material adverse information related to the safety and efficacy of those drugs during the Class Period causing SGP's stock to be artificially inflated. By virtue of this alleged wrongdoing, the complaint also asserts that the Company issued materially false and misleading statements about its business prospects and financial condition.
The complaint also alleges that on January 14, 2008, SGP shocked the market when it revealed for the first time severe safety and efficacy issues related to Vytorin and that SGP had delayed the publication of a study, that they possessed throughout the Class Period, allegedly demonstrating that Vytorin was not as safe or effective as previously represented. The complaint asserts that this adverse information caused the SGP's shares to fall in value damaging investors.
A class action lawsuit has already been filed on behalf of SGP shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than March 18, 2008. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.