CLEVELAND, Nov. 30, 2004 (PRIMEZONE) -- Landskroner Grieco Madden, Ltd. announces that it has filed a class action lawsuit in the United States District Court for the District of New Jersey, on behalf of purchasers of securities of Merck & Co., Inc. ("Merck" or the "Company") (NYSE:MRK), between October 22, 2003 and September 30, 2004, inclusive (the "Class Period"). The lawsuit is captioned Charles Rosen, on behalf of himself and all others similarly situated v. Merck & Co., Inc., Raymond V. Gilmartin, Judy C. Lewent and David W. Anstice. The deadline for filing lead plaintiff papers is November 30, 2004. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to remain an absent class member. If you have questions about this case or wish to inquire about your rights in connection with this matter, you may contact Jack Landskroner or Debra Spaller at Landskroner Grieco Madden, Ltd. by calling toll free at 866-522-9500 or by emailing jack@landskronerlaw.com. The website is www.landskronerlaw.com.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10(b)(5) promulgated thereunder. Specifically, the Complaint states that, throughout the Class Period, defendants issued numerous statements concerning Merck's profits, business operations and prospects; artificially inflated the prices of Merck's publicly traded securities; allowed defendants to obtain larger bonuses which were directly tied to the performance of Merck shares; allowed defendants to arrange to sell and actually sell in excess of $40 million worth of their personally-held Merck shares at artificially-inflated prices; and caused members of the class to purchase Merck publicly traded securities at inflated prices. The Complaint also alleges that throughout the Class Period, defendants knew that Vioxx, Merck's popular arthritis and acute pain medication, was unsafe and presented an intolerable risk of heart attack and stroke. Thus, defendants knew that their projections for earnings of $3.11 - $3.17 per share for fiscal 2004 were false and could not be attained as Vioxx-related revenue could not be counted upon. On September 30, 2004, the last day of the Class Period, defendants withdrew Vioxx from the U.S. market and Merck common stock experienced more than a 25% drop in price.
Landskroner Grieco Madden, Ltd. is a law firm whose practice areas include securities fraud and consumer class action litigation. Jack Landskroner is a board certified trial advocate by the National Board of Trial Advocacy and has been counsel of record in class action cases litigated across the county. For more information or questions about our pending action against Merck & Co., Inc., or about Landskroner Grieco Madden, Ltd., please contact Jack Landskroner at 866-522-9500 (toll free), by e-mail at jack@landskronerlaw.com, at 1360 West 9th Street, Suite 200, Cleveland, Ohio 44113, or visit its website at www.landskronerlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca