Merck Sued For Securities Fraud Over Cholesterol Drug Trial

Law360, Los Angeles (December 4, 2013, 4:38 PM EST) -- North Sound Capital LLC and two other institutional funds have sued Merck & Co. Inc. and its subsidiary for allegedly misrepresenting a crucial clinical study for its anti-cholesterol agents Zetia and Vytorin, according to court documents made public in New Jersey federal court on Wednesday.

North Sound, United Food Commercial Workers Local 1500 Pension Fund and Colonial First State Investments Ltd. accuse the defendants of common law fraud and of violating of the Securities Exchange Act of 1934 for concealing material and making false statements that artificially inflated the value of Schering-Plough Corp. securities from Jan. 3, 2007, to March 28,...

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