Wyeth is a leading pharmaceutical company and maintains a large business in women’s health care products.

The original Complaint charges Wyeth and certain of its officers and directors with violations of the Securities Exchange Act of 1934. According to the Complaint, from 2003 to 2006, Wyeth conducted Phase 3 clinical trials on its new drug, Pristiq, for postmenopausal symptoms of hot flashes and night sweats. In June 2006, Wyeth announced that it had submitted a New Drug Application (“NDA”) to the Food and Drug Administration (“FDA”) for this indication. The Complaint alleges that Defendants’ statements regarding Pristiq were materially false and misleading when made because Defendants concealed negative data regarding Pristiq’s hepatic and cardiovascular effects.

On July 24, 2007, Wyeth announced that it received an approvable letter from the FDA for Pristiq. In its letter, the FDA said that before the application could be approved, it would be necessary for Wyeth to provide additional data regarding the potential for serious adverse cardiovascular and hepatic effects associated with the use of Pristiq in this indication. The FDA requested that these data come from a randomized, placebo-controlled clinical trial of a duration of one year or more conducted in postmenopausal women. After the announcement of the FDA committee’s decision, Wyeth’s stock price dropped from $56 to $50.30 the next day.

On February 26, 2008, Judge Richard J. Sullivan granted the motion to appoint the Pipefitters Union Local 537 Pension Fund as lead Plaintiff. On April 11, 2008, the lead Plaintiff filed a Consolidated Class Action Complaint, naming additional officers as Defendants in the action. On June 10, 2008, the Defendants filed a motion to dismiss the Consolidated Class Action Complaint.

On November 09, 2012, a Settlement Agreement was made by the parties and ten days later an Order Preliminary Approving the Settlement and Providing for Notice was issued by the Court.

On August 7, 2013, the Court issued a Memorandum and Order granting the Motion for Settlement and awarding attorneys' fees and expenses. This was followed by a Final Judgment and an Order to dismiss this case with prejudice.