2nd Circ. Tosses Securities Suit Over Bextra, Celebrex

Law360, New York (January 29, 2009, 12:00 AM EST) -- Former Pfizer Inc. executives have fended off a challenge by shareholders to revive a derivative action over the pharmaceutical makers' marketing of anti-inflammatory drugs Bextra and Celebrex, with an appeals court upholding a district judge's dismissal of the suit.

On Tuesday, the U.S. Court of Appeals for the Second Circuit affirmed a ruling by District Judge Richard Owen, who granted a motion by the former Pfizer directors and officer to toss the shareholders' consolidated complaint for procedural failure.

The appellate judges agreed with Judge Owen's finding...
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