Wyeth (NYSE: WYE) Investor Securities Class Action Lawsuit 11/14/2007

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Company Name(s): 
Wyeth
Case Name: 
Wyeth Shareholder Class Action Lawsuit 11/14/2007
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: WYE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/14/2007
Class Period Begin: 
06/26/2006
Class Period End: 
07/24/2007
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/14/2008
Date Settled: 
08/07/2013
Settlement Amount: 
$67,500,000
Deadline to Participate in Settlement: 
03/07/2013
Settlement Notice: 
Settlement Proof: 
Summary: 

August 7, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

November 23, 2010 - The court denied the defendants' motion for reconsideration.

November 19, 2012 - The court preliminarily approved the settlement.

November 9, 2012 - Parties filed a stipulation of settlement.

October 14, 2010 - The defendants file a motion for reconsideration of the September 29, 2010 order on the motion to dismiss.

September 29, 2010 - The court denied the defendants' motion to dismiss.

June 10, 2008 - The defendants filed a motion to dismiss.

April 11, 2008 - The lead plaintiff filed a consolidated complaint on behalf of investors who purchased Wyeth (NYSE: WYE) common shares between June 26, 2006 and July 24, 2007. The lead plaintiffs alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between June 26, 2006 and July 24, 2007.

February 26, 2008 - The lead plaintiff and lead counsel were appointed.

January 14, 2008 - A lead plaintiff motion was filed.

November 14, 2007 - An investor in shares of Wyeth (NYSE: WYE) filed a lawsuit in the U.S. District Court for the Southern District of New York against Wyeth over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 31, 2006 and July 24, 2007.

The complaint charges Wyeth and certain of its officers and directors with violations of the Securities Exchange Act of 1934.

According to the complaint, from 2003 to 2006, Wyeth conducted Phase 3 clinical trials on its new drug, Pristiq for postmenopausal symptoms of hot flashes and night sweats. In June 2006, Wyeth announced that it had submitted a New Drug Application (“NDA”) to the Food and Drug Administration (“FDA”) for this indication. The complaint alleges that defendants’ statements regarding Pristiq were materially false and misleading when made because defendants concealed negative data regarding Pristiq’s hepatic and cardiovascular effects.

On July 24, 2007, Wyeth announced that it received an approvable letter from the FDA for Pristiq. In its letter, the FDA said that before the application could be approved, it would be necessary for Wyeth to provide additional data regarding the potential for serious adverse cardiovascular and hepatic effects associated with the use of Pristiq in this indication. The FDA requested that these data come from a randomized, placebo-controlled clinical trial of a duration of one year or more conducted in postmenopausal women. After the announcement of the FDA committee’s decision, Wyeth’s (NYSE: WYE) stock price dropped from $56 to $50.30 the next day.

Wyeth is a leading pharmaceutical company and maintains a large business in women’s health care products.