High Court Won't Hear Pfizer Shareholder Suit

Law360, New York (May 3, 2010, 12:17 PM EDT) -- The U.S. Supreme Court on Monday declined to hear an appeal from Pfizer Inc. challenging the timeliness of a securities fraud class action accusing the drugmaker of misrepresenting studies of arthritis painkiller Celebrex.

In a one-line order, the high court denied Pharmacia Corp.'s petition for a writ of certiorari to dispute an appeals court decision holding that the class action, led by the Alaska Electrical Pension Fund, was timely filed.

The issue was at the heart of the court's recent decision in Merck & Co. Inc....
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