Biotech WASHINGTON (AP) – A unanimous Supreme Court said investors who lost millions betting on the blockbuster drug Vioxx can sue Merck & Co. over whether the pharmaceutical giant provided enough information about the painkiller’s risks before it was pulled from the market.The high court agreed with a federal appeals court’s decision to allow a class-action securities lawsuit. The suit was over whether the drugmaker provided adequate information about the drug’s risks before its withdrawal.The Whitehouse Station, N.J.-based company pulled the drug on Sept. 30, 2004, because it doubled the risks of heart attack, stroke and death. Shareholders lost a combined $28 billion when Merck stock plunged overnight after Vioxx was pulled from the market.The class-action lawsuit will now move forward in federal court in New Jersey.”Merck is disappointed in today’s decision, but believes that the allegations in the complaint are unfounded and will continue to defend itself vigorously,” said Bruce Kuhlik, the drugmaker’s executive vice president and general counsel. “The company has already made a motion to dismiss the operative complaint on numerous other grounds, and will renew that motion in the district court.”Investors have two years after they discover the facts that constitute the violation to sue a… Read full this story
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