Tuesday, July 15, 2008

Shearman and Sterling LLP to defend Schering's Ex-Cadre of Securities Underwriters, jointly. . . .

This morning, the New York office of Shearman & Sterling LLP entered its appearance (through Sills Cummis & Gross, locally in New Jersey), to represent all of the various securities underwriter-defendants from the August and September 2007 public offerings of Schering-Plough securities (by each severally, but not jointly). These public offerings, which delivered over $3.8 billion to Schering (at $27.50 per share, used to partially-fund the Organon acquisition) are in issue in In Re Schering Plough Corporation/ENHANCE Securities Litigation. All similar such cases are presently "travelling" under a single Lead Case No. 08-397, before Judge Cavanaugh.

Nominally, the filing was placed in the electronic court file for the Arkansas Teachers' matter. Do take a look -- click to enlarge:

This could very-well suggest that the interests of Schering, and its officers and directors, on the one hand, and its various underwriters (named above), on the other, are not nearly-as-tightly-aligned as might have once been presumed by traders on Wall Street.


UPDATED: 07.16.08 @ 11 AM EDT -- Via an agreed order, the plaintiffs in this consolidated securities action will now have until September 15, 2008 to file the amended, consolidated complaint. The old deadline was August 1, 2008. A very long, cold summer indeed.

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