Another Vioxx Settlement, Another Must-Do List For Merck
Merck has settled Vioxx shareholder derivative litigation by agreeing to implement a host of corporate governance changes. Among the new requirements, Merck must run ads in medical journals publicizing its clinical trial registry, post reviews of its compliance procedures, and create two safety committees
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For a three-year period Merck will inform a committee of its board if trial results are not reported within 12 months; the agreement resolves a shareholder derivative suit claiming Schering directors caused results of the Vytorin ENHANCE trial to be suppressed.
In its second move in as many weeks to tap an outsider for a key position, Merck hired Julie Gerberding, a former director of the Centers for Disease Control and Prevention, as president of its vaccines division, effective as of Jan. 25, 2010
Case could determine how much evidence is necessary for investors to bring a securities fraud suit to start the clock running on the statute of limitations.