Pfizer Inc (NYSE: PFE) Investor Securities Class Action Lawsuit 05/11/2010

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Company Name(s): 
Pfizer
Case Name: 
Pfizer Shareholder Class Action Lawsuit 05/11/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: PFE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/11/2010
Class Period Begin: 
01/19/2006
Class Period End: 
01/23/2009
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
07/12/2010
Date Settled: 
03/16/2015
Settlement Amount: 
$400,000,000
Deadline to Participate in Settlement: 
07/30/2015
Settlement Notice: 
Settlement Proof: 
Summary: 

August 11, 2015 - The court entered the order approving the motion for attorneys’ fees and expenses.

July 30, 2015 - The court approved the settlement and entered the order approving the plan of allocation, and dismissing the action with prejudice.

March 16, 2015 - The court preliminarily approved the settlement.

February 17, 2015 - Parties filed a stipulation of settlement.

August 10, 2011 - The court denied the defendants' motion to dismiss.

May 24, 2011 - The defendants filed a motion to dismiss.

April 15, 2011 - The lead plaintiff filed another amended consolidated complaint.

April 5, 2011 - The court denied defendants' motion to dismiss without prejudice to renewal upon the filing of an amended complaint.

January 19, 2011 - The defendants filed a motion to dismiss.

December 6, 2010 - The lead plaintiff filed an amended consolidated complaint.

November 4, 2010 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

July 12, 2010 - Lead plaintiff motions were filed.

May 25, 2010 - The plaintiff filed an amended complaint on behalf of investors who purchased Pfizer Inc (NYSE: PFE) common shares between January 19, 2006 to January 23, 2009. The plaintiff alleges that the defendants violated the Securities Echange Act of 1934 by issuing false and misleading statements between January 19, 2006 to January 23, 2009.

May 11, 2010 - An investor in shares of Pfizer Inc (NYSE: PFE) filed a complaint in the U.S. District Court for the Southern District of New York against Pfizer Inc and others over alleged violations of Federal Securities Laws made in connection with certain allegedly false and misleading statements made between July 20, 2005 and January 23, 2009.

According to the complaint the plaintiff alleges Pfizer Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by misleading between July 20, 2005 and January 23, 2009, investors by failing to disclose that they were engaged in an ongoing course of conduct designed to illegally promote the sale of Pfizer Inc drugs, including Bextra. Geodon, Zyvox and Lyrica. By such conduct, Pfizer Inc 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, so the lawsuit.

Then on January 26, 2009, Pfizer Inc 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, so the lawsuit. After the cost of resolving these investigations became public, the price of Pfizer Inc common stock declined from $17.45 at the previous trading day’s close to $15.65 on January 26, 2009. Shares of Pfizer Inc (NYSE: PFE) traded recently at $17.01 per share, down from its 52weekHigh of $0.26 per share, over $24 per share in 2008, and over $26 per share in 2007.