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”).
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.
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.
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.
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.
you have any questions about this Notice, the
action, your rights, or your interests, please
e-mail us at mail@KaplanFox.com
S. Fox, Esq.
Hae Sung Nam, Esq.
Kaplan Fox & Kilsheimer LLP
805 Third Avenue - 22nd Floor
New York, NY 10022
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com
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