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Case Status:    SETTLED
On or around 09/16/2016 (Settlement preliminarily approval)

Filing Date: December 15, 2004

The original complaint alleges that, throughout the Class Period, defendants misrepresented and omitted material facts concerning the safety and marketability of Pfizer's Celebrex and Bextra products. Specifically, Plaintiff alleges that at all times during the Class Period, Defendants were aware of strong indicators that Celebrex and Bextra, drugs known as "Cox-2 Inhibitors," posed serious undisclosed health risks to consumers, that these undisclosed health risks would limit their marketability, and that the potential financial liability Pfizer faced from the harms these drugs caused posed a serious threat to the Company's finances. Nevertheless, Defendants concealed these facts from the investing public. Toward the close of the Class Period, a series of factual revelations from several sources caused the market to gradually perceive the truth about Pfizer's Bextra and Celebrex products. For example, on November 4, 2004, the Calgary Herald reported that "Celebrex, a popular pain drug touted as the safe alternative after Vioxx was pulled from drugstore shelves, is suspected of causing at least 14 deaths and numerous heart and brain side effects." Then, on November 10, 2004, the New York Times further shocked the market by reporting on a study finding that "[t]he incidence of heart attacks and strokes among patients given Pfizer's painkiller Bextra was more than double that of those given placebos." The complaint further alleges that as a result of these and other revelations, Pfizer's share price dropped from a closing price of $29.45 on November 3, 2004 to $27.15 on November 11, 2004 -- a drop of 8%.

On June 21, 2005, the Court entered a Order from the Multidistrict Litigation Panel transferring the securities class action to be handled in Case Number 1:05-md-01688-RO, In Re: Pfizer Inc. Securities, Derivative & ERISA Litigation.

On October 25, 2005, the Court entered the Opinion and Order # 92319 signed by Judge Richard Owen granting the motion to appoint the Teachers' Retirement System of Louisiana as lead plaintiff in the securities action and designating Grant & Eisenhofer P.A. as lead counsel. On February 16, 2006, a Consolidated Class Action Complaint was filed, and the defendants responded by filing a motion to dismiss the Consolidated Class Action Complaint. On July 1, 2008, the Court entered the Opinion and Order signed by Judge Laura Taylor Swain granting the defendants’ motion to dismiss as to Counts II, IV, V, and VI, with leave to re-plead all Counts except for Count VI, and is denied in all other respects.

According to a press release dated September 5, 2008, the court overseeing a putative securities class action against Pfizer Inc. has rejected the defendants' request for reconsideration of its prior ruling on a motion to dismiss, holding that Pfizer's bid to revisit issues the court already ruled on would constitute an improper second bite at the apple. On Thursday, Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York denied Pfizer's motion for reconsideration of a July 1 order on the defendants' dismissal bid and also denied Pfizer's request that the court certify two issues for interlocutory appeal. Pfizer's motion for reconsideration centered on the July opinion that granted in part and denied in part the defendants' motion to dismiss a consolidated class action complaint.

Since September 2008, the parties have been engaged in discovery proceedings. On March 26, 2011, the plaintiff filed a motion to certify the class.

On March 22, 2012, the court denied the defendants' motion for reconsideration of the Court's July 1, 2008 Opinion and Order.

On March 27, 2012, the plaintiffs filed an amended consolidated class action complaint.

On March 28, 2013, the Court issued an Opinion granting in part and denying in part Defendants' motion for summary judgment.

On May 21, 2014, the Court issued an Order denying certain individual defendants' motion for judgment on the pleadings.

On July 8, 2014, the Court issued an Order granting Defendants' motion for summary judgment, and directed the Clerk of Court to close this case. On August 7, the Plaintiffs filed a Notice of Appeal challenging this decision. On April 12, 2016, the United States Court of Appeals for the Second Circuit issued an Opinion vacating the judgment of the district court and remanding this matter for further proceedings.

On August 2, 2016, various news outlets reported the parties have reached a Settlement in this action. On August 26, a Stipulation of Settlement was filed. The Settlement was preliminarily approved by the Court on September 16.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Major Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PFE
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 04-CV-09866
JUDGE: Hon. Richard Owen
DATE FILED: 12/15/2004
CLASS PERIOD START: 11/01/2000
CLASS PERIOD END: 11/10/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  2. Gainey & McKenna, LLP
    295 Madison Avenue, 4th Floor, Gainey & McKenna, LLP, NY 10017
    212.983.1300 212.983.1300 ·
  3. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 04-CV-09866
JUDGE: Hon. Richard Owen
DATE FILED: 02/16/2006
CLASS PERIOD START: 10/31/2000
CLASS PERIOD END: 10/19/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Grant & Eisenhofer (Wilmington)
    1201 N. Market Street, Suite 2100, Grant & Eisenhofer (Wilmington), DE 19801
    302.622.7000 302.622.7100 · lawyers@gelaw.com
No Document Title Filing Date
No Document Title Filing Date