CASES
Pfizer, Inc. (2010)
Class Period: Jul 20, 2005 to Jan 23, 2009
Lead Plaintiff Deadline: Jul 12, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Pfizer, Inc. (PFE) ("Pfizer" or the "Company") on behalf of all securities purchasers from July 20, 2005 through January 23, 2009, inclusive ("Class Period"), in the United States District Court for the Southern District of New York.
The complaint alleges that during the Class Period, defendants misled investors by failing to disclose that they were engaged in an ongoing course of conduct designed to illegally promote the sale of Pfizer drugs, including Bextra, Geodon, Zyvox, and Lyrica. By such conduct, Pfizer caused hundreds of millions of dollars in false or fraudulent claims to be submitted to several federal healthcare programs, thus exposing the Company to untold legal liability. On January 26, 2009, Pfizer announced that it was paying $2.3 billion to resolve several ongoing investigations. These investigations included the improper promotion of and kickbacks involving Bextra, Geodon, Zyvox, and Lyrica. After the cost of resolving these investigations became public, the price of Pfizer common stock declined from $17.45 at the previous trading day's close to $15.65 on January 26, 2009.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.