Class Action Lawsuit on Behalf of Pfizer, Inc. Shareholders
December 17, 2004 07:37

NEW YORK, Dec. 17 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit today in the United States District Court for the Southern District of New York, on behalf of all persons who purchased the common stock of Pfizer, Inc. ("Pfizer" or the "Company") [NYSE: PFE] between November 1, 2000 and December 16, 2004, inclusive, (the "Class Period") against defendants Pfizer and certain officers and directors of the Company. ADVERTISEMENT

The case name is Morabito v. Pfizer, Inc., et al. The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at http://www.whafh.com .

The complaint arises out of defendants' false and misleading statements and omissions concerning the safety and marketability of Pfizer's Celebrex and Bextra products. At all times during the Class Period, defendants were aware that Celebrex and Bextra, drugs known as "Cox-2 inhibitors," posed serious undisclosed health risks to consumers. Defendants knew or recklessly disregarded that the undisclosed health risks posed by these drugs would limit their marketability, and that potential financial liability Pfizer faced from the harms these drugs caused posed a serious threat to the Company's financial condition. Nonetheless, defendants concealed these facts from the investing public, thereby damaging Plaintiff and the Class.

Toward the close of the Class Period, a series of factual revelations from several sources caused the market to gradually perceive the truth about Pfizer's Bextra and Celebrex products. On December 17, 2004, Pfizer issued a press release announcing the Company has discovered an increased risk of heart problems with patients taking its painkiller Celebrex. The press release came after a study revealed that the use of Celebrex in patients taking 400mg to 800mg of the drug daily were found to have a risk of 2.5 times greater of experiencing major heart problems than those who were not. This level of risk was even greater than the one found in patients taking Vioxx that led Merck to withdraw Vioxx from the marketplace.

If you purchased Pfizer common stock during the Class Period, you may request that the Court appoint you as lead plaintiff by February 14, 2005. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
http://biz.yahoo.com/prnews/041217/nyf085_1.html

Pfizer examining data that show higher risk of heart attack

With a new study that indicates the nation's leading arthritis painkiller could raise the risk of heart attacks, the Food and Drug Administration advised doctors Friday to consider "alternative therapy" to Celebrex.

Earlier Friday, drug giant Pfizer Inc. said it had no plans to pull the painkiller off the market despite the data that showed patients using the drug in a long-term cancer study had increased cardiovascular risks.

Ask Monheit Law, "Do I have a Celebrex Case?"

For more information, contact:
Michael Monheit, Esquire, Monheit Law, PC

New data came to light Friday morning, showing that long-term use of Pfizer Inc.'s (PFE) painkiller Celebrex at high doses led to a much greater risk of a heart attack and stroke than a placebo did, according to the Food and Drug Administration.

This is the first time that Celebrex has shown to be that harmful, but the future of this whole class of drugs - Cox-2 inhibitors - is in question more than it has ever been.

Pfizer Chairman and Chief Executive Henry McKinnell told CNBC Friday he doesn't believe that the class of Cox-2 drugs is "doomed" with the new Celebrex data. McKinnell said the risks of the drugs must be compared to the rewards they provide. http://money.iwon.com/jsp/nw/nwdt_rt.jsp?cat=USMARKET&src=704&feed=dji§ion=news&news_id=dji-00113920041217&date=20041217&alias=/alias/money/cm/nw