LAWSUITS NEWS & LEGAL INFORMATION
Pfizer Agrees to Pay $67.5M to Settle Pristiq Securities Class Action
This is a settlement for the Securities/Stock Fraud lawsuit.
Washington, DC: Pfizer has agreed to pay $67.5 million to settle a securities class action lawsuit brought by former Wyeth Inc shareholders who allege they were misled about the risks associated with Pfizer' antidepressant Pristiq. Pfizer bought Wyeth in 2009.
The lawsuit was prompted by a loss in market value of more than $7.6 billion on July 24, 2007, following an announcement by the Food and Drug Administration that it would not approve Pristiq to treat "hot flashes" in post-menopausal women until it learned more about potential heart and liver problems associated with the drug.
The lawsuit is entitled City of Livonia Employees' Retirement System v. Wyeth et al, U.S. District Court, Southern District of New York, No. 07-10329. Shareholders led by the Pipefitters Union Local 537 Pension Fund in Boston said Wyeth's failure to reveal adverse effects sooner caused its stock price to be inflated during the class period, which is June 26, 2006 to July 24, 2007.
Published on Nov-12-12
The lawsuit was prompted by a loss in market value of more than $7.6 billion on July 24, 2007, following an announcement by the Food and Drug Administration that it would not approve Pristiq to treat "hot flashes" in post-menopausal women until it learned more about potential heart and liver problems associated with the drug.
The lawsuit is entitled City of Livonia Employees' Retirement System v. Wyeth et al, U.S. District Court, Southern District of New York, No. 07-10329. Shareholders led by the Pipefitters Union Local 537 Pension Fund in Boston said Wyeth's failure to reveal adverse effects sooner caused its stock price to be inflated during the class period, which is June 26, 2006 to July 24, 2007.
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