Florida sues Merck over Vioxx costs
The Attorney General of Florida filed suit against Merck, claiming the company misrepresented and suppressed evidence about the risks of Vioxx (rofecoxib) and as a result its agencies suffered damages from purchasing the drug. The suit notes that the Florida Medicaid Program alone purchased at least $80 million of the pain reliever. An appeals court recently ruled that shareholders could pursue a securities class action alleging Merck defrauded investors by failing to disclose problems with Vioxx (1"The Pink Sheet," Sept. 15, 2008, p. 17)
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A federal appeals court concluded that shareholders did not wait too long to bring a securities class action against Merck alleging the company defrauded investors by failing to disclose safety problems with its pain reliever Vioxx
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