Law Firm Pomerantz Haudek Block Grossman & Gross LLP Announces Class Action Lawsuit Against Schering-Plough Corporation.

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--April 3, 2001

The following is an announcement by Pomerantz Haudek Block Grossman & Gross LLP:

Schering-Plough Charged With Anti-Competitive

Practices, the Pomerantz Firm Reports

Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit in the Florida State Court against Schering-Plough Corporation ("Schering-Plough" or the "Company") (NYSE:SGP), Upsher-Smith Laboratories ("Upsher-Smith"), and American Home Products Corp. ("American Home Products"), on behalf of a Class consisting of all Florida residents who, since June 17, 1997, have purchased K-Dur 20, a prescription brand-name potassium chloride supplement frequently taken by consumers on heart medication.

The Complaint charges that Schering-Plough, which owned a formulation patent for K-Dur 20 and anticipated generic entry by competitors prior to expiration of its patent, entered into collusive and anti-competitive agreements between itself and defendants Upsher-Smith and American Home Products pursuant to which Upsher-Smith and American Home Products received financial remuneration from Schering-Plough for refraining from offering a low-priced generic version of K-Dur 20. Such an agreement sought to protect Schering-Plough's control over the market for potassium chloride and to permit it to maintain a monopoly through its sale of K-Dur, in violation of Florida's Deceptive and Unfair Trade Practice Act ("DTPA").

On March 30, 2001, the Federal Trade Commission ("FTC") filed a Complaint against the defendants alleging that their conduct violates Section 5 of the Federal Trade Commission Act, 15 U.S.C. Section 45. According to the FTC's Complaint, the defendants' conduct has had "the purpose and effect to restrain competition unreasonably and to injury competition by preventing or discouraging the entry of generic (K-Dur) products into the relevant markets." In the pending Class Action, the Plaintiff seeks to obtain reimbursement for consumers who, without this lower-priced generic competition, are forced to purchase Schering-Plough's more expensive K-Dur 20 product at artificially inflated prices.

If you purchased K-Dur 20 during the Class Period and wish to review a copy of the Complaint or you would like to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at [e-mail] by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.

The Pomerantz firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion dollar damages awards on behalf of class members.