PHILADELPHIA, March 7, 2001 (PRIMEZONE) -- The law firm of Berger & Montague, P.C. (http://www.investorprotect.com), filed a class action today in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased Schering-Plough (NYSE:SGP) securities during the period from February 10, 2000 through November 8, 2000, inclusive (the "Class Period").
During the Class Period, Schering-Plough issued three earnings releases highlighting the Company's success and continued growth. These releases contained statements that were materially false and misleading because they 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.
It is alleged that defendants' failure to disclose the extent of its exposure to its manufacturing problems, falsely implied that there were no known impediments to receiving approval for its most-important new drug, desloratadine, which was in the final stage of the FDA's review process. Desloratadine, which is to be marketed as Clarinex, is scheduled to be the successor drug to Claritin, once the patent for Claritin expires in December 2002.
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.
The response of the market to this announcement was immediate and punitive. 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.
The complaint alleges that as a result of the defendants' conduct, plaintiff and other members of the Class suffered damages.
The lawsuit seeks to recover losses suffered by individual and institutional investors who purchased the Company's securities during the Class Period at artificially inflated prices.
If you purchased Schering-Plough Corporation securities during the Class Period, you may, no later than April 17, 2001 move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. If you have sustained substantial losses in Schering-Plough securities during the Class Period, please contact Berger & Montague, P.C. at investorprotect@bm.net for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
The law firm of Berger & Montague, P.C.has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class interests." In Re: IKON Offices Solutions Securities Litigation. Civil Action No. 98-4286(E.D.Pa.) (partial settlement for $111 million approved May, 2000).
"...[Y]ou have acted the way lawyers at their best ought to act. And I have had a lot of cases ... in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here... I would say this has been the best representation that I have seen." In Re Waste Management, Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D. Ill.) (settled in 1999 for $220 million).
If you purchased U.S. Interactive, Inc. securities and have any questions concerning this notice or your rights with respect to this matter, please contact:
Sherrie R. Savett, Esquire Douglas M. Risen, Esquire Kimberly A. Walker, Investor Relations Manager Berger & Montague, P.C. 1622 Locust Street Philadelphia, PA 19103 Phone: 888-891-2289 or 215-875-3000 Fax: 215-875-5715 Website: http://www.investorprotect.com e-mail: InvestorProtect@bm.net
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca