Pfizer Wins Dismissal Of Securities Suit Over Drug

Law360, New York (February 28, 2008, 12:00 AM EST) -- In a boost to Pfizer Inc., a federal judge has granted the drug giant's bid to toss the amended complaint in a securities fraud lawsuit brought by investors over the company's decision to scrap its highly anticipated cholesterol drug torcetrapib.

Pfizer's knowledge that evidence of torcetrapib’s efficacy was inconclusive did not support an inference that its optimistic statements were materially misleading, Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York said Thursday.

“Defendants were entitled to take an optimistic...
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