Register your Case

Company:	Scherling Plough Corporation
Ticker Symbol:	NYSE: SGP
Class Period:	October 1, 2002 to October 3, 2002
Court:	District of NJ
Date Filed:	Oct-10-02
Allegations:

Defendants' wrongdoing is alleged to be the result of Kogan selectively providing non-public material information about Schering's adverse projected earnings to management of Putnam at a luncheon meeting on October 1, 2002. It was not until approximately 11:00 p.m. on October 3, 2002 that Schering publicly announced that its 2003 and 2004 earnings would be far below analysts expectations. As a result of the selective disclosure by defendant Kogan of this adverse, material, non-public information to defendant Putnam and others, defendant Putnam and the other defendants were able to sell enormous amounts of Schering shares before the general public received such information, thereby enabling these tippees to benefit from the receipt of their inside information to the detriment of plaintiff and the Class. From the time defendant Putnam first learned of the material inside information through the close of the market on October 4, 2002, Schering stock plunged from $21.80 per share to as low as $16.10 per share, a drop of over 25%.