Pfizer will pay $67.5 million to settle investor lawsuit over Pristiq
Pfizer Inc. is opening its coffers yet again, this time to settle a class-action suit involving former Wyeth Inc. shareholders who claim the pharmaceutical company misinformed them about the side effects of its antidepressant, Pristiq.
November 12, 2012 at 06:33 AM
2 minute read
The original version of this story was published on Law.com
Pfizer Inc. is opening its coffers yet again, this time to settle a class-action suit involving former Wyeth Inc. shareholders who claim the pharmaceutical company misinformed them about the side effects of its antidepressant, Pristiq.
According to the shareholders, Wyeth, which Pfizer acquired in 2009, inflated its stock prices when it failed to disclose possible adverse effects of Pristiq, including potential heart and liver problems. In July 2007, the company announced that the Food and Drug Administration would not approve the drug for the treatment of hot flashes until it knew more about its risks. Following the news, Wyeth shares lost more than $7.6 billion of market value.
The all-cash $67.5 million settlement is now awaiting approval from U.S. District Judge Richard Sullivan. Defendants in the case included several former Wyeth executives, who reportedly did not admit wrongdoing as part of the deal.
It's been a rough few weeks for Pfizer, which announced last month that it would pay another group of shareholders $165 million to settle a separate class action suit involving its anti-inflammatory drug Celebrex. Just last week, the Canada Supreme Court struck down the drug company's patent on Viagra, paving the way for competition from generic manufacturers.
Read more at Thomson Reuters.
For more InsideCounsel coverage of the pharmaceutical industry, see:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Lululemon Faces Legal Fire Over Its DEI Program After Bias Complaints Surface
3 minute read
Old Laws, New Tricks: Lawyers Using Patchwork of Creative Legal Theories to Target New Tech
Lawsuit Against Amazon Could Reshape E-Commerce Landscape
Trending Stories
- 1Judicial Ethics Opinion 24-68
- 2Friday Newspaper
- 3Judge Denies Sean Combs Third Bail Bid, Citing Community Safety
- 4Republican FTC Commissioner: 'The Time for Rulemaking by the Biden-Harris FTC Is Over'
- 5NY Appellate Panel Cites Student's Disciplinary History While Sending Negligence Claim Against School District to Trial
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
