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Merck Updates Status of VIOXX Litigation and SEC Inquiry
WHITEHOUSE STATION, N.J., Jan. 28, 2005 - Merck & Co., Inc. today provided an
update regarding the status of certain litigation and the SEC inquiry relating
to VIOXX.
The Judicial Panel on Multidistrict Litigation yesterday heard motions by
various parties, including the company, to transfer for coordinated
proceedings various pending product liability and shareholder actions relating
to VIOXX. The company expects the Panel to make decisions regarding these
motions in the next several weeks.
In addition, as previously disclosed, in November 2004 the company was advised
by the staff of the Securities and Exchange Commission (SEC) that it was
commencing an informal inquiry concerning VIOXX. Yesterday, the company
received notice that the SEC has issued a formal notice of investigation
relating to the matter. This action was not unexpected and the company will
continue to cooperate with the SEC.
Forward-Looking Statement
This press release contains "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995. These
statements involve risks and uncertainties, which may cause results to differ
materially from those set forth in the statements. The forward-looking
statements may include statements regarding product development, product
potential or financial performance. No forward-looking statement can be
guaranteed, and actual results may differ materially from those projected.
Merck undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or
otherwise. Forward-looking statements in this press release should be
evaluated together with the many uncertainties that affect Merck's business,
particularly those mentioned in the cautionary statements in Item 1 of Merck's
Form 10-K for the year ended Dec. 31, 2003, and in its periodic reports on
Form 10-Q and Form 8-K, which the company incorporates by reference.
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