Pfizer dodges class-action trial with $400 million settlement
- Pfizer has been accused of misleading investors regarding off-label marketing of Bextra (valdecoxib) and other drugs. After failing to block jurors from hearing from the investor plaintiffs' damages expert, Pfizer has agreed to a $400 million settlement, including with lead plaintiff Stichting Philips Pensionenfonds.
- The suit was filed in 2010, accusing Pfizer of making misleading statement to shareholders, with allegations dating back to the period between January 19, 2006 and January 23, 2009.
- The trial was set to go forward on February 10.
You win some, you lose some. Last year, Pfizer was able to secure a dismissal of another securities class action suit in NY.
But this year was different. U.S. District Judge Alvin Hellerstein saw merit in the latest suit and was prepared to move forward. A spokesperson for Pfizer told Reuters that this resolution will allow the company to avoid the distraction of continued litigation.