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In one of the top 25 securities class-action settlements of all time, pharmaceutical giant Merck agreed to pay $688 million to settle two lawsuits alleging the company didn’t act in the best interests of its shareholders, according to a recent article from USA Today.
At issue is that Merck delayed the release of a study showing that it’s cholesterol drugs Zetia and Vytorin didn’t work any better than a generic version of Merck's older cholesterol pill, Zocor. The company’s delay in releasing the results triggered criticism by analysts, investors and scientists.
The settlement must still be approved by a federal judge. Merck admitted no wrongdoing.
Read the full article from USA Today here.
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