Last year, Merck thought it had this class-action lawsuit in the bag. But a three-judge panel of the Third Circuit Court of Appeals has reinstated the securities case, which was brought by investors who claimed the drugmaker failed to disclose info concerning the Vioxx painkiller (here is the decision). A federal district court judge dimissed the lawsuit after ruling the clock had run out on the statute of limitations.

In a statement, Merck says it may pursue an appeal with the full court of appeals or the US Supreme Court. “Merck presented several alternative grounds for dismissing the lawsuit. In reaching his April 2007 decision to dismiss the suit, the district judge considered arguments regarding the timeliness of the suit, but did not address the alternative grounds for dismissal that Merck had presented.

“As a result, if the ruling is not reversed, Merck will renew its request to dismiss the suit on those alternative grounds. In the process, the company will sek to rely upon a new standard established by the Supreme Court after the April 2007 ruling that imposes a higher bar for plaintiffs pursuing a securities case. The panel has made no ruling on the merits of the plaintiffs’ lawsuit.”