Case Page

 

Case Status:    SETTLED
On or around 08/10/2015 (Other)

Filing Date: May 11, 2010

According to a press release dated May 11, 2010, the complaint alleges that at various times during the Class Period, Pfizer manufactured, marketed, and sold many types of drugs, including Bextra, an anti-inflammatory, Geodon, an anti-psychotic, Zyvox, an antibiotic, and Lyrica, an anti-epileptic drug. 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.

On November 4, 2010, a Summary Order Appointing Lead Plaintiff and Lead Counsel was issued by the Court.

On December 06, 2010, a Consolidated Class Action Complaint for Violations of The Federal Securities Laws was filed by the lead plaintiffs against the defendants.

On April 15, 2011, a First Amended Consolidated Class Action Complaint for Violation of the Federal Securities Laws was filed by the lead plaintiffs against the defendants.

On August 10, 2011, the Court issued a Summary Order denying the defendant's Motion to Dismiss for reasons stated on the record at oral arguments.

On February 8, 2015, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on March 16. Final Judgment was entered on July 30.

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 #: 10-CV-03864
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 05/11/2010
CLASS PERIOD START: 07/20/2005
CLASS PERIOD END: 01/23/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kendall Law Group, LLP
    3232 McKinney, Ste 700, Kendall Law Group, LLP, TX 75204
    214.744.3000 214.744.3000 ·
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-03864
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 04/15/2011
CLASS PERIOD START: 01/19/2006
CLASS PERIOD END: 01/23/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date