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Merck Gets High Court Hearing on Investor Vioxx Suit
June 5, 2009
The U.S. Supreme Court agreed to consider Merck & Co.’s bid to stop a shareholder lawsuit over the now-withdrawn Vioxx painkiller in a case that might mean tighter deadlines for investor fraud lawsuits.
A federal appeals court said Merck must defend against a proposed class-action lawsuit that accuses the drugmaker of defrauding investors about the risks posed by Vioxx, which the company pulled from the market in 2004 because of links to heart attacks and strokes. Merck argues that the investors filed suit too late.
The appeal turns on the starting date for the two-year window that investors are given to file some types of federal securities lawsuits. The question for the high court concerns how much notice an investor must have about possible company wrongdoing to cause that window to open.
Read Article: Bloomberg
Posted By: Phoenix DUI Attorney
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