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Case ID: 5030 | Stocks | 07/16/2008
On February 28, 2008, a stipulation and proposed order in regards to consolidating related securities actions was entered. Just as quickly, a motion to appoint lead plaintiff, lead counsel as well as to consolidate cases was filed on March 18, 2008 by several groups and individuals. As a result, the court entered an order on March 27, 2008 to consolidate case 08-CV-1000 under 08-CV-897 for all purposes. As for the appointment of lead plaintiffs and counsels, the court granted the motion filed earlier and entered its order on April 18, 2008.
According to a press release dated January 18, 2008, Schering-Plough engages in the discovery, development, manufacture, and marketing of medical therapies and treatments worldwide. The complaint alleges that the Company and certain of its officers and/or directors failed to disclose and misrepresented material adverse facts known to defendants or recklessly disregarded by them, thereby artificially inflating the value of Schering Plough shares during the Class Period. Specifically, the complaint alleges that, during the Class Period, the Company and the other defendants misled investors regarding the increased efficacy of Vytorin, a combination of Zetia and Zocor, over the cheaper generic form of Zocor (simvastatin), alone, and delayed disclosing results of the ENHANCE study demonstrating that Vytorin was not more efficacious than simvastatin.
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 Stocks Cases of Interest A class action has been filed against InfoSonics Corporation (IFO), certain of its officers and directors by stockholders who purchased the company's common stock between May 8, 2006 and June 12, 2006. 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. A class action has been filed in Delaware state chancery court against UnitedGlobalCom (Nasdaq:UCOMA) and certain of its officers and directors by stockholders. The action claims that the defendants violated federal securities laws in its handling of the merger with Liberty Media International, Inc. The stockholder seeks to recover compensatory damages for the loss of value of their stock. A class action has been filed against Janus Capital Group Inc. and certain related firms by investors who purchased shares in any of the Janus Group of mutual funds between October 1, 1998, and July 3, 2003. The action charges that, throughout this time period, the defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary Capital Partners, to engage in "late trading" and "timing" of the funds' securities. Several class actions have been filed against semiconductor manufacturer Silicon Image, Inc. (Nasdaq:SIMGE) and certain of its officers and directors by stockholders who purchased the company's common stock between April 15, 2002, and November 15, 2003. 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. According to a press release dated March 19, 2008, a proposed class-action lawsuit was filed on behalf of those who purchased Schwab YieldPlus Funds Investor Shares or Schwab YieldPlus Funds Select Shares from Charles Schwab Corporation during the Class Period.
A class action has been filed against Tyco International Ltd. (NYSE:TYC), certain of its officers and directors by stockholders who purchased the company's common stock between June 15, 2002 and December 31, 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. |
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