Securities Fraud Suit Follows Pfizer's Drug Collapse

Law360, New York (December 8, 2006, 12:00 AM EST) -- A class action law firm has filed a securities fraud lawsuit against Pfizer Inc., just days after the drug giant scrapped its highly anticipated cholesterol drug torcetrapib, which took 15 years and $1 billion to develop.

New York firm Schoengold Sporn Laitman & Lometti filed the proposed class action lawsuit on Dec. 6 in the U.S. District Court for the Southern District of New York.

The complaint, which seeks $10 million, was filed on behalf of a New York union, the Uniformed Sanitationmen's Association Local 831....
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