Merck Vioxx related shareholder lawsuits in Supreme Court
I think even a 6-year old understands that companies exist for the sake of shareholders, but not solely for them. They wouldn’t survive if they did not take good care of their customers, and in recent years, the trend has been to also be good corporate citizens.
Apparently, Merck exists even though it does not care for either. After Vioxx killed as many as 60,000 Americans (and many more all over the globe), Merck literally got away with murder. It paid a measly sum to families of dead Americans, and moved on.
As everyone knows, Merck is a company with no ethics at all. Not only did it hide the dangers of Vioxx from patients and physicians (actually it had a well-organized campaign to mislead them, that also included a publication of a faux medical journal that sang praises of Vioxx), it also hid the risks to the company from shareholders.
Vioxx recall related shareholder lawsuits went nowhere while the Merck stock which was trading at 40+ before the recall fell to 20s. Billions were lost in shareholder value.
Thankfully, the US Supreme Court will now here if Merck also misled its investors.
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