HARTFORD, Conn., Jan. 28, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased the common stock of Schering-Plough Corporation, ("Schering-Plough" or the "Company") (NYSE:SGP) between July 24, 2006 and January 14, 2008 (the "Class Period").
The Complaint charges that Schering-Plough and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that Schering-Plough issued materially false and misleading statements pertaining to the Company's two leading cholesterol drugs Vytorin and Zetia. The Complaint asserts that Schering-Plough's financial success reported during the Class Period was based in part on Schering-Plough's manipulation of drug testing results for Vytorin and Zetia. It is alleged that the Company withheld material adverse information related to the safety and efficacy of those drugs during the Class Period causing Schering-Plough's stock to be artificially inflated. On January 14, 2008, Schering-Plough revealed severe safety and efficacy issues related to Vytorin and that Schering-Plough 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.
If you are a member of the class, you may, no later than March 18, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.