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Case ID: 3775 | Drugs / Medical | 12/29/2004
In the wake of Merck’s worldwide recall of the pain medication Vioxx, a growing number and variety of legal actions have been filed against the embattled pharmaceutical giant. This latest is brought under the Federal Employee Retirement Income Security Act (ERISA). Participants in Merck’s employee stock purchase plans say the company’s attempts to cover up the health risks of Vioxx, followed by the eventual recall of the drug, decimated the value of their company stock purchases. The plaintiffs seek damages for the lost value of their stock.
The complaint alleges that Merck and its officers and directors knew, well before the September 30, 2004 worldwide Vioxx recall, that the drug was unsafe and carried a significantly increased risk of cardiac disorders. The plaintiffs claim that despite overwhelming evidence that the drug was unsafe, Merck engaged in a massive and deliberate public relations campaign to present the drug to the public as safe and effective. In fact, during the time when evidence of Vioxx risks was coming to light, Merck actually sought to expand the market for the drug by seeking FDA approvals for new uses of Vioxx. On September 30, 2004 the truth could no longer be hidden when Merck announced its voluntary worldwide recall of the drug due to serious health risks. The recall came only one month after a strongly worded press release refuting claims of the drug’s risks and asserting it’s safety. When news of the recall broke, Merck stock fell, in a single day of trading, by 25%, for a collective shareholder loss of over 26 billion dollars. The plaintiffs argue that Merck had a fiduciary duty to protect the investment of participants in the employee stock purchase plans. Plaintiffs claim that, since the company knew it would need to recall vioxx, and that stock values would be harmed, it should have warned plan participants or ceased offering Merck stock as a purchase option within the plan. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Drugs / Medical Cases of Interest A class action lawsuit has been filed in the Southern District Court of Ohio against Maxim Health Systems, LLC, a health care company who employs more than 56,000 clinicians, allied health professionals, physicians and administrative personnel in cities across the US, for violations of the Fair Labor Standards Act (FLSA) which establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. Class members seek to recover unpaid overtime compensation, liquidated damages, attorney's fees and costs of the litigation.
A class action has been filed against Blue Cross of California on behalf of policyholders who allege that the insurer wrongfully changed their healthcare policies' premium basis from their age at initial enrollment to their attained ages at renewal time, in violation of the terms of the policies. Several class actions have been filed against drug company aaiPharma, Inc. (Nasdaq: AAII) and certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2003, through Feb. 4, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against Staar Surgical Company, a California based developer, manufacturer and global distributor of medical devices for use in cataract, refractive and glaucoma surgery, (NASDAQ: STAA) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 3, 2003 and January 6, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Kahn Gauthier Swick, LLC ("Kahn Gauthier") today announced that it filed a class action lawsuit in the United States District Court for the Eastern District of Louisiana on behalf of purchasers of OCA, Inc. ("OCA" or "the Company") (NYSE:OCA) common stock during the period between May 18, 2004 and June 6, 2005 (the "Class Period").
Kahn Gauthier Swick is investigating possible legal actions against nursing homes to recover for injuries suffered by nursing home residents. There are more than one and one-half million elderly and disabled persons in 17,000 nursing homes across the United States. |
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