Wednesday, May 21, 2008

It Could be a Very Long Summer for Schering-Plough's Securities Lawyers. . .

. . .As they wait to read, right here, and elsewhere on the web, how independent, unaffiliated experts view their advice -- before, and during this ENHANCE study results fiasco. Perhaps even more pointedly, previously, many may wonder exactly what happened during the 2007 public offering, and firmly-underwritten sale (then-priced at $27.50 per share!), of about $3.8 billion of registered equity securities (more, if one totes up the euro, and US, debt offerings during that time-frame) in August, and September of 2007 -- all while Dr, Kastelein was trying (in vain) to schedule meetings to move forward on finalization, and publication of those long-overdue ENHANCE results. "What really happened, on all of those (eight, or more) due-diligence calls?" We'll have to wait to find out.

Tonight, the plaintiffs' lawyers, as well as the lawyers for the defendants [thanks to a friend of the blog for the clarifying edit, here!], in the putative securities fraud class action lead case, In re Schering Plough Corporation/ENHANCE Litigation, Case No. 08-397, (DMC), have agreed to extend the deadline for the plaintiffs' steering committee of lawyers to file an amended, and consolidated, securities law class action complaint -- to September 15 August 1, 2008.

Since both sides (plaintiffs, and corporate defendants) have agreed to this new, extended time-line, it is highly likely that either the magistrate for Judge Dennis M. Cavanaugh*, or Judge Cavanaugh himself, will sign the related agreed order -- and Schering will then wait, through the end most of the Summer of 2008 to see how many of the theories advanced on this blog, and throughout the wider web-universe, surface in that newly consolidated legal filing -- even now, it promises to be prodigious. Massive, in fact.


* Last night (and perhaps once or twice, earlier) I think I offered an incorrect first name for this able jurist -- I have corrected that mistake eveywhere -- now that I've seen it. If anyone out there sees his name as "Kevin T.", rather than "Dennis M." on our site, please alert me. I'll change it over. My very sincere apologies.

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