Categorized | Civil Justice Update

Pfizer agrees to pay $164 million to settle Celebrex lawsuit.


When a drug causes injures people more often than not there are different kinds of cases that are possible. In addition to traditional personal injury cases, shareholders often bring cases where they believe that the value of their shares have dropped due to non disclosure of information. This is known as a shareholder derivative suit. The report below addresses one of those kinds of cases.

Reuters (10/9, Raymond, Pierson) reports that Pfizer Inc will pay $164 million to settle a shareholder class action suit that claimed that the company misrepresented the clinical trial results for Celebrex. Christopher Loder, a spokesman for Pfizer, said that the company continues to deny any wrongdoing. The article notes that in 2002 Pfizer bought Pharmacia Corporation, which manufactured Celebrex. Shareholders sued Pfizer and former officers of Pharmacia over claims that they misrepresented the clinical trial results of Celebrex in an effort to make its safety profile seem better than rival medication.

 

Comments are closed.

Product Safety News

Top Practice Areas

Philadelphia
Mesothelioma, Medical Malpractice, Birth Injury, Spinal Cord Injury, Failure to Diagnose Cancer, Cerebral Palsy, Brain Injury, Personal Injury, Car Accidents, Truck Accidents

New Jersey
Birth Injury, Medical Malpractice, Mesothelioma, Personal Injury, Car Accidents, Truck Accidents

Cohen, Placitella & Roth, P.C.

Archives