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KAPLAN FOX & KILSHEIMER LLP FILES
SECURITIES FRAUD CLASS ACTION
AGAINST SCHERING-PLOUGH CORPORATION.

NEW YORK – March 14, 2001– Kaplan Fox & Kilsheimer LLP (www.KaplanFox.com) has filed a class action against Schering-Plough Corporation and certain of the Company’s officers and directors in the United States District Court for the District of New Jersey. The suit is brought on behalf of all persons or entities who purchased securities of Schering-Plough Corporation  (“Schering-Plough”) (NYSE: SGP) between March 2, 2000 and February 15, 2001 inclusive (the “Class Period”). 

The complaint charges Schering-Plough and certain of its officers and directors with violations of the Securities Exchange Act of 1934.  The complaint alleges that during the Class Period, Schering-Plough issued three materially false and misleading earnings releases highlighting the Company's success and continued growth. These releases failed to disclose material facts, concerning manufacturing difficulties at certain plants; and, that given the Company's manufacturing difficulties, the FDA would force the Company to curtail its operations and delay FDA approval of a significant and new product, desloratadine.

On February 15, 2001, after the close of the market, Schering-Plough finally disclosed the extent of the problems it was experiencing with its manufacturing practices and announced that it would be reducing sales and earnings expectations for the first quarter of 2001 and for the full-year 2001. Additionally, the Company reported that the FDA was requiring that all of its manufacturing deficiencies be resolved before the FDA would grant final approval of desloratadine. As a result, in after-hours trading, the price of Schering-Plough common stock sank to $38.75 per share after closing earlier in the day at $48.32. On February 16, 2001, the day after the announcement, the stock opened up for trading at $38.25.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP.  Our firm, with offices in New York and San Francisco, has many years of experience in prosecuting investor class actions and actions involving financial fraud.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.KaplanFox.com.

If you are a member of the Class, you may move the court no later than April 17, 2001, to serve as a lead plaintiff for the Class.   In order to serve as a lead plaintiff, you must meet certain legal requirements.

If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@KaplanFox.com or contact:

Frederic S. Fox, Esq.
Hae Sung Nam, Esq.
Adam Walsh, Esq.

Kaplan Fox & Kilsheimer LLP
805 Third Avenue - 22nd Floor
New York, NY 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com

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