Singapore’s GIC Sues Merck and Schering-Plough
The Government of Singapore Investment Corporation Pte Ltd (now known as GIC Private Limited), one of Singapore’s sovereign wealth funds, bought millions of shares in Schering-Plough Corporation common stock through both self-managed and externally managed accounts. Schering-Plough was a U.S. pharmaceutical company, until its merger with Merck on November 3, 2009.
The GIC is being represented by NY-based law firm Kirby McInerney LLP. The GIC is suing Schering-Plough and Merck, alleging the Schering stock purchases were at artificially inflated prices as a result of the pharmaceutical’s misconduct. According to the suit, Schering’s public disclosures omitted material information and made material misrepresentations in the commercial viability of two prescription drugs. These drugs, the anti-cholesterol agents Zetia and Vytorin (contains Zetia and Zocor), were marketed with Merck in a joint venture.
Schering-Plough Invests in Singapore
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