Southern District Judge Laura Taylor Swain (See Profile) certified a securities class action on March 29 against Pfizer Inc. over disclosures related to its arthritis drugs Celebrex and Bextra. The class consists of Pfizer investors who acquired shares in the company between Oct. 31, 2000, and Oct. 19, 2005, when the company disclosed findings on the drugs affecting the stock price. Swain also approved Grant & Eisenhofer as class counsel.
The ruling came on the heels of a March 22 ruling in which the judge refused to reconsider her 2008 decision to deny Pfizer’s motion to dismiss the case. Pfizer had filed a renewed motion to dismiss partly on the grounds that some of the confidential witnesses quoted in the complaint had not realized that their statements were going to be used in litigation when they spoke to private investigators. Swain held that this was not a reason to dismiss the case.
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