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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

GIC sues Merck over fraudulent share prices

Posted on 31 January 2014

GIC has filed a fraud claim against one of the world’s largest drug companies, claiming it misled the market on two statin drugs, pushing the price of the stocks up as a result. In particular, GIC has accused Merck and subsidiary Merck-Schering-Plough, the makers of cholesterol-lowering drugs Zetia and Vytorin, of failing to tell the market about the “unqualified disaster” results of clinical trials, which found both drugs had no additional benefit to slowing the progression of arteries being clogged up by high cholesterol levels.
The case relates to a 15-month investment period between December 6, 2006 and March 28, 2008, during which GIC bought millions of shares in Merck, according to court documents filed at New Jersey’s district court………………………………………..Full Article: Source


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