WHITEHOUSE STATION, N.J. (AP) — Merck & Co. has agreed to pay $688 million to settle two lawsuits brought by investors who alleged the drugmaker delayed releasing bad news on its blockbuster cholesterol drugs to prevent a drop in sales.
Merck and then-partner Schering-Plough, which it later acquired, had repeatedly delayed disclosing results of a study called ENHANCE on the effectiveness of its pills Vytorin and Zetia.
When Merck in early 2008 finally released study results showing the pricey drugs didn't work better than an inexpensive generic pill, Merck stock tumbled, causing big losses for investors.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
