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Company:	Merck & Co. Inc.
Ticker Symbol:	NYSE: MRK
Class Period:	July 23, 1999 to July 3, 2002
Court:	District of NJ
Date Filed:	Jul-10-02
Allegations:

The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of Merck's common stock.

Merck's operations are comprised of two reportable segments: Merck Pharmaceutical and Merck's wholly owned subsidiary, Merck-Medco Managed Care, L.L.C. ("Merck-Medco"), which manages pharmacy benefits for employers, insurers and other plan sponsors. Consumers who are members of pharmacy benefits plans must make co-payments directly to the pharmacy when purchasing prescriptions.

Since Merck acquired Merck-Medco in 1993 and throughout the Class Period, Merck and Merck-Medco have falsely inflated their reported revenues by billions of dollars, by approximately $14 billion from 1999-2002, by including consumer co-payments for prescription drugs in revenue, contrary to the revenue recognition practices of two of Merck-Medco's biggest competitors and concealing these facts in violation of Generally Accepted Accounting Principles ("GAAP").

As a result, defendants concealed these facts, overstating Merck-Medco's total economic activity, making it appear more successful than it actually was.

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