PHILADELPHIA, May 8, 2008 (PRIME NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. had previously commenced a class action lawsuit in the United States District Court, Eastern District of Pennsylvania, 08cv1603, on behalf of purchasers of the securities of Merck & Co., Inc. (NYSE:MRK) between October 22, 2007 through and including March 28, 2008, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The lawsuit has been withdrawn without prejudice since defendants had not appeared, answered or moved for summary judgment. The action will be refiled in the United States District Court for the District of New Jersey due to the many related actions pending in New Jersey against Merck concerning Zetia, Vytorin and the ENHANCE trials, including a lawsuit filed by the Genesee County Employees' Retirement System on behalf of purchasers of the securities of Merck between July 24, 2006 and March 28, 2008. The lead plaintiff motion must be filed in the United States District Court for the District of New Jersey in Civil Action No. 08-02177 no later than June 3, 2008.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Merck and Richard T. Clark, Chairman, President and Chief Executive Officer with violations of the Federal Securities Laws. The Complaint alleges that defendants deceived the investing public regarding the results of the ENHANCE. The trial results when fully explained and disclosed on March 28, 2008 showed that there was no statistically significant difference between patient use of VYTORIN versus patients treated with SIMVASTATIN. Based on trial results, defendants were aware that the medical community would turn to alternative, less expensive statins, thus seriously impacting the Company's earning. Moreover, the Company's earnings were dependent on increasing sales of VYTORIN as its patent and exclusivity on ZOCOR had expired and the Company's performance would and could be negatively impacted by competition from cholesterol management products on the market. These disclosures caused Merck's stock price to fall from $44.51 on March 28, 2008 to close on March 31, 2008 at $37.95.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free)or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com