Legal Opinion
In Re Merck & Co. Securities Litigation
Court of Appeals for the Third Circuit
Decided December 15, 2005No. 04-3298PublishedCited by 97 opinions
1Opinion of the Court
AMBRO, Circuit Judge.
Merck & Co., Inc. planned an initial public offering of its wholly owned subsidiary — Medco Health Solutions, Inc. Before the IPO was to occur, however, information about Medco’s aggressive revenue-recognition policy came to light. Some details about the policy were disclosed in Merck’s registration statements filed with the Securities and Exchange Commission, but a Wall Street Journal article reading between the lines of this disclosure precipitated a decline in Merck’s stock. After further disclosures and larger declines in Merck’s stock price, the Medco IPO was…
2Cases cited25 opinions
- In Re Burlington Coat Factory Securities Litigation. P. Gregory Buchanan, Jacob Turner and Ronald AbramoffCourt of Appeals for the Third Circuit · 1997
- Basic Inc. v. LevinsonSupreme Court of the United States · 1988
- TSC Industries, Inc. v. Northway, Inc.Supreme Court of the United States · 1976
- Dura Pharmaceuticals, Inc. v. BroudoSupreme Court of the United States · 2005
- In Re: Cendant Corporation LitigationCourt of Appeals for the Third Circuit · 1992
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