Pfizer To Face Securities Fraud Suit Over Celebrex

Law360, New York (February 2, 2009, 12:00 AM EST) -- Pfizer Inc. is back in the hot seat in a securities fraud class action accusing a company it acquired in 2003 of making materially false statements about a clinical study of blockbuster anti-inflammatory drug Celebrex.

The shareholders said that Pharmacia Corp., which merged with Pfizer in 2003, misled them by distorting study results in order to show that Celebrex had a better gastrointestinal safety profile than similar medications.

The plaintiffs did not miss the statute of limitations for filing the suit, the U.S. Court of Appeals...
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