NEW YORK, Oct. 22, 2004 (PRIMEZONE) -- The following statement was issued today by Squitieri & Fearon, LLP.:
A class action lawsuit has been filed in the United States District Court District of New Jersey on behalf of participants and beneficiaries of the Merck & Co., Inc. Employee Stock Purchase and Savings Plan and the Merck & Co., Inc. Employee Savings and Security Plan (the "Plans"), who were invested in the Plans between March, 2000 and October 11, 2004 (the "Class Period").
If you wish to discuss your rights, please contact Lee Squitieri of Squitieri & Fearon, LLP at (212) 421-6492 or by e-mail at lee@sfclasslaw.com.
The complaint alleges that defendants Merck & Co., Inc. (NYSE:MRK); its Employee Benefits Policy Committee, and certain of its officers and directors breached their duties under ERISA by (1) failing to properly manage the Plans' assets by imprudently investing a significant amount of the Plans' assets in Merck stock; (2) failing to provide complete and accurate information to participants and beneficiaries; and (3) engaged in prohibited transactions under ERISA.
If you are a member of one of the Plans and wish to discuss this announcement, are interested in actively participating in this litigation, and/or have information relevant to the ongoing investigation, please contact:
SQUITIERI & FEARON, LLP Lee Squitieri 32 East 57th Street 12th Floor New York, NY 10022 (212) 421-6492 lee@sfclasslaw.com
The partners at Squitieri & Fearon, LLP have been in the forefront of ERISA litigation since their involvement in a groundbreaking ERISA employee benefit case involving one of America's largest Pharmacy Benefit Managers. Recently, as lead counsel in an ERISA breach of fiduciary case against Textron, the firm was successful in convincing the Court of Appeals in Boston to reinstate all of the claims against Textron and Textron related defendants.