Faruqi & Faruqi, LLP Announces Filing Of Class Action Lawsuit Against Schering-Plough Corporation.

Business & Legal Editors

NEW YORK--(BUSINESS WIRE)--March 6, 2001

The following announcement was issued by the law firm of Faruqi & Faruqi, LLP:

Notice is hereby given that on March 2, 2001, a class action lawsuit was commenced in the United States District Court for the District of New Jersey on behalf of all purchasers of Schering-Plough Corporation ("Schering-Plough" or the "Company") (NYSE: SGP) securities between July 25, 2000, and February 15, 2001, inclusive (the "Class Period").

The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Among other things, plaintiff claims that defendants issued a series of materially false and misleading statements in press releases and SEC filings concerning the state of Schering-Plough's financial condition and its compliance with FDA regulations and protocols. The Complaint also alleges that defendants failed to disclose material information concerning the extent of various manufacturing problems the Company was experiencing which would ultimately impact its financial and operating results. As a result, the price of Schering-Plough's common stock was artificially inflated throughout the Class Period. When the Company announced, on February 15, 2001, the magnitude of the problems it was experiencing with its manufacturing practices and that it would be reducing sales and earnings expectations for the first quarter of 2001 and for the full-year 2001, the stock price of Schering-Plough dropped to $38.75 per share, in after-hours trading, after closing earlier in the day at $48.32. Additionally, the Company reported that the FDA was requiring that all of its manufacturing deficiencies be resolved before the FDA would grant final approval of Clarinex, the Company's new highly touted allergy medication.

Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased Schering-Plough securities between July 25, 2000, and February 15, 2001, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.

If you purchased Schering-Plough securities during the Class Period, you may, not later than April 17, 2001, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact: