The class action was brought on behalf of purchasers of Pfizer Inc. (“Pfizer”) (NYSE:PFE) publicly traded securities during the period between July 20, 2005 and January 23, 2009 (the “Class Period”.
The complaint charges Pfizer and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Pfizer is a pharmaceutical company engaged in the discovery, development, manufacture, and marketing of prescription medicines for humans and animals worldwide.
The complaint alleges that at various times during the Class Period, Pfizer manufactured, marketed, and sold many types of drugs, including Bextra, an anti-inflammatory, Geodon, an anti-psychotic, Zyvox, an antibiotic, and Lyrica, an anti-epileptic drug. During the Class Period, defendants misled investors by failing to disclose that they were engaged in an ongoing course of conduct designed to illegally promote the sale of Pfizer drugs, including Bextra, Geodon, Zyvox and Lyrica. By such conduct, Pfizer 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.
On January 26, 2009, Pfizer 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. After the cost of resolving these investigations became public, the price of Pfizer common stock declined from $17.45 at the previous trading day’s close to $15.65 on January 26, 2009.
Plaintiff seeks to recover damages on behalf of all purchasers of Pfizer publicly traded securities during the Class Period (the “Class”).