More than a half-dozen of the top class action plaintiffs firms in the country have spent years pressing securities claims related to a joint effort by Pfizer’s Wyeth unit and Irish biotech company Elan to develop a treatment for Alzheimer’s disease. Six months ago, a federal judge in New York threw out a consolidated class action alleging that Elan misrepresented the status of clinical trials for the drug. Now Pfizer has cleared the decks of the only case that remained.
On Feb. 10, U.S. District Court Judge Susan Wigenton of the District of New Jersey granted a motion to dismiss class action securities fraud claims pending since June 2010 against Pfizer and five former Wyeth executives. In a 14-page decision, Wigenton concluded that the named plaintiff failed to adequately plead that the defendants misled investors about the success of clinical trials for bapineuzumab, a potential blockbuster drug developed by Pfizer and Elan to slow or prevent the effects of Alzheimer’s.
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