Pfizer Inc (NYSE: PFE) Investor Securities Class Action Lawsuit 12/15/2004

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Company Name(s): 
Pfizer
Case Name: 
Pfizer Shareholder Class Action 12/15/2004
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: PFE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/15/2004
Class Period Begin: 
10/31/2000
Class Period End: 
10/19/2005
Court of Filing: 
U. S. District Court for the Southern District of New York
Deadline To File for Lead: 
02/14/2005
Date Settled: 
09/16/2016
Settlement Amount: 
$486,000,000
Deadline to Participate in Settlement: 
01/28/2017
Settlement Notice: 
Settlement Proof: 
Summary: 

December 21, 2016 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

September 16, 2016 - The court preliminarily approved the settlement.

August 26, 2016 - Parties filed a stipulation of settlement.

April 12, 2016 - The U.S. District Court of Appeals for the Second Circuit vacated the judgement of the district court and remanded the matter for further proceedings.

August 7, 2014 - The lead plaintiff filed a notice of appeal.

July 8, 2014 - The court ordered the case dismissed.

March 28, 2013 - The court issued an opinion granting in part and denying in part defendants' motion for summary judgment.

March 27, 2012 - The lead plaintiff filed a second amended consolidated complaint on behalf of investors who purchased Pfizer Inc (NYSE: PFE) common shares between October 31, 2000 and October 19, 2005. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 31, 2000 and October 19, 2005.

March 22, 2012 - The court granted lead plaintiff's motion for leave to file another amended consolidated complaint.

March 22, 2012 - The court denied defendants' motion for reconsideration.

March 2, 2012 - The lead plaintiff field a motion for leave to file an amended consolidated complaint.

November 22, 2011 - The defendants filed another motion for reconsideration.

September 4, 2008 - The court denied defendants' motion for reconsideration.

July 16, 2008 - The defendants filed a motion for reconsideration.

July 1, 2008 - The court denied in part and granted in part the defendants' motion to dismiss.

May 5, 2006 - The defendants filed a motion to dismiss.

February 16, 2006 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Pfizer Inc (NYSE: PFE) common shares between October 31, 2000 and October 19, 2005. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 31, 2000 and October 19, 2005.

October 21, 2005 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

February 14, 2005 - Lead plaintiff motions were filed.

December 17, 2004 - Two additional complaints were filed.

December 15, 2004 - An investor in shares of Pfizer Inc (NYSE: PFE) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired the publicly-traded common stock of Pfizer Inc between November 1, 2000 and November 10, 2004, against Pfizer Inc over alleged violations of Federal Securities Laws.

The complaint alleges that, between November 1, 2000 and November 10, 2004, defendants misrepresented and omitted material facts concerning the safety and marketability of Pfizer Inc's Celebrex and Bextra products. Specifically, the plaintiff alleges that at all times during the period of November 1, 2000 and November 10, 2004, defendants were aware of strong indicators that Celebrex and Bextra, drugs known as "Cox-2 Inhibitors," posed serious undisclosed health risks to consumers, that these undisclosed health risks would limit their marketability, and that the potential financial liability Pfizer faced from the harms these drugs caused posed a serious threat to the Company's finances. Nevertheless, defendants concealed these facts from the investing public, so the lawsuit. Toward the close of the Class Period, a series of factual revelations from several sources caused the market to gradually perceive the truth about Pfizer Inc's Bextra and Celebrex products. For example, on November 4, 2004, the Calgary Herald reported that "Celebrex, a popular pain drug touted as the safe alternative after Vioxx was pulled from drugstore shelves, is suspected of causing at least 14 deaths and numerous heart and brain side effects." Then, on November 10, 2004, the New York Times further shocked the market by reporting on a study finding that "[t]he incidence of heart attacks and strokes among patients given Pfizer Inc's painkiller Bextra was more than double that of those given placebos." As a result of these and other revelations, Pfizer Inc's share price dropped from a closing price of $29.45 on November 3, 2004 to $27.15 on November 11, 2004 - a drop of 8%.