Lawsuit Overview
July 30, 2012 -- According to the Notice:
All persons and entities who purchased and/or otherwise acquired Pfizer, Inc. (“Pfizer” or “PFE”) common stock between and including October 31, 2000 and October 19, 2005.
Background:
Beginning in December 2004, several putative securities fraud class actions were filed against Pfizer and certain of its officers and directors for allegedly violating Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5. By Order dated October 21, 2005, the Court consolidated these actions and appointed Teachers’ Retirement System of Louisiana as Lead Plaintiff pursuant to the Private Securities Litigation Reform Act of 1995. The Court also designated Grant & Eisenhofer P.A. as lead counsel for the Class.
On February 16, 2006, Lead Plaintiff filed its Consolidated Class Action Complaint (the “Complaint”). The Complaint alleged, among other things, that Pfizer and the Individual Defendants, who were allegedly controlling officers and/or directors of Pfizer, made materially false and misleading statements and omitted material information from Pfizer’s public reports and documents about the cardiovascular risks associated with Celebrex and Bextra. As a result of these misrepresentations, Plaintiffs alleged that the price of Pfizer common stock during the Class Period was artificially inflated. Plaintiffs alleged that once the truth about these cardiovascular risks began to emerge, the price of Pfizer common stock declined in value and Class Members suffered losses. Plaintiffs also alleged that three former officers and/or directors of Pfizer sold shares of Pfizer stock during the Class Period while in possession of material information about the cardiovascular safety of Celebrex and Bextra that was not disclosed to the public. Plaintiffs asserted claims under several provisions of the Exchange Act as well as state securities and fraud law.