Do I have a Celebrex Case?

Law Firm Suit Says Pfizer Hid Celebrex Problems

LITTLE ROCK, Ark. -(Dow Jones)- An Arkansas law firm filed suit charging Pfizer Inc. (PFE) with misrepresenting the potential dangers of its arthritis drug Celebrex.

The pharmaceutical giant, which removed all Celebrex advertising as of Monday, now faces at least three shareholder lawsuits. Two were filed Friday when Pfizer first disclosed its Celebrex and Bextra products may increase the chances of heart problems in users.

In a press release Tuesday, law firm Emerson Poynter LLP said it filed the suit on behalf of shareholders who purchased Pfizer stock between Nov. 1, 2000, and Dec. 16 of this year.

Emerson Poynter pointed to statements Pfizer made in November touting Celebrex as a safe alternative to similar anti-inflammatory drug Vioxx. Merck & Co. (MRK) voluntarily withdrew Vioxx from the market in September after users similarly showed a higher risk of heart attack.

Last week, Pfizer released a five-year cancer study which found that taking Celebrex more than doubled the chance users would develop a major heart problem.

Additionally, Emerson Poynter is investigating possible violations of the Employee Retirement Income Security Act of 1974.

A Pfizer representative wasn't immediately available for comment.

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