The United States Court of Appeals for the Third Circuit announced today that it reversed the District Court's dismissal in the case of In Re: Merck & Co., Inc. Securities, Derivative & "ERISA" Litigation (MDL No. 1658) and is remanding the case to the District Court for further proceedings.
Speaking on behalf of Milberg LLP, co-lead counsel in the case, Partner Richard H. Weiss said, "This decision recognizes the undeniable reality that investors deserve their day in court on the merits of their claims. In just one day, when Vioxx was withdrawn, Merck's stock lost some $27 billion in market value. The magnitude of the losses and the large number of investors who suffered as a result is clearly worthy of continued legal action."
Previously, the District Court had granted Merck's motion to dismiss Appellants' complaint that Merck had misrepresented the safety profile and commercial viability of Vioxx based on the statute of limitations. In its reversal of judgment, the current Court ruling states that the District Court "acted prematurely."
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