| Company: | Pfizer Inc. |
| Ticker Symbol: | NYSE: PFE |
| Class Period: | November 12, 2001 to November 9, 2006 |
| Date Filed: | Dec-06-06 |
| Lead Plaintiff Deadline: | Feb-05-07 |
| Court: | Southern District, NY |
| Allegations: |
A class action lawsuit has been filed on behalf of the Uniformed Sanitationmen's Association Local 831, IBT, against Pfizer Inc ("Pfizer" or the "Company") (NYSE: PFE) and certain key officers and/or directors in the United States District Court for the Southern District of New York. This action has been brought on behalf of persons who purchased or otherwise acquired Pfizer securities during the period between July 20, 2006 and December 2, 2006 (the "Class Period").
The complaint alleges that during the Class Period, defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making materially false and misleading statements to artificially inflate the value of Pfizer stock. Specifically, it is alleged that beginning in July 2006, the defendants repeatedly touted the safety and effectiveness of a newly-developed drug, "torcetrapib," that, in combination with Pfizer's cholesterol-reducing Lipitor, purportedly would increase a patient's "good" cholesterol, or HDL. However, unbeknownst to Pfizer shareholders, the product performed much worse than touted. These statements were false and misleading when made because the defendants failed to disclose or indicate that they knew that the torcetrapib was having adverse affects on patients' health, including knowledge that in clinical testing of 15,000 patients, 82 patients died taking torcetrapib/Lipitor combination as compared to only 51 patients taking Lipitor alone, and patients taking torcetrapib showed an increase in angina, congestive heart failure and procedures to clear clogged arteries.
Surprising the market, on December 2, 2006, a mere two days after the Company expressed optimism about prospects for torcetrapib, Pfizer suddenly announced that it was immediately suspending development of torcetrapib following clinical testing of 15,000 patients found that 82 patients taking torcetrapib/Lipitor combination died as compared to 51 patients taking Lipitor alone. These statements were false and misleading when made because the defendants failed to disclose or indicate that they knew that the option grant process was deficient and could cause the Company to restate its financial statements.
The market reacted quickly to these announcements. Pfizer's stock price plummeted to $24.90 per share from its prior trading day close of $27.86 per share, a 10.62% drop in one day, on massive volume of 289,209,504 shares, more than seven times more than the prior day's volume of 40,177,600.
As a result of the dissemination of the false and misleading statements set forth above, the market price of Hansen common stock was artificially inflated during the Class Period. In ignorance of the false and misleading nature of the statements described above, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiffs and the other members of the Class relied, to their detriment, on the integrity of the market price of Hansen common stock. Had plaintiffs and the other members of the Class known the truth, they would not have purchased said common stock, or would not have purchased them at the inflated prices that were paid.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint alleges that during the Class Period, defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making materially false and misleading statements to artificially inflate the value of Pfizer stock. Specifically, it is alleged that beginning in July 2006, the defendants repeatedly touted the safety and effectiveness of a newly-developed drug, "torcetrapib," that, in combination with Pfizer's cholesterol-reducing Lipitor, purportedly would increase a patient's "good" cholesterol, or HDL. However, unbeknownst to Pfizer shareholders, the product performed much worse than touted. These statements were false and misleading when made because the defendants failed to disclose or indicate that they knew that the torcetrapib was having adverse affects on patients' health, including knowledge that in clinical testing of 15,000 patients, 82 patients died taking torcetrapib/Lipitor combination as compared to only 51 patients taking Lipitor alone, and patients taking torcetrapib showed an increase in angina, congestive heart failure and procedures to clear clogged arteries.
Surprising the market, on December 2, 2006, a mere two days after the Company expressed optimism about prospects for torcetrapib, Pfizer suddenly announced that it was immediately suspending development of torcetrapib following clinical testing of 15,000 patients found that 82 patients taking torcetrapib/Lipitor combination died as compared to 51 patients taking Lipitor alone. These statements were false and misleading when made because the defendants failed to disclose or indicate that they knew that the option grant process was deficient and could cause the Company to restate its financial statements.
The market reacted quickly to these announcements. Pfizer's stock price plummeted to $24.90 per share from its prior trading day close of $27.86 per share, a 10.62% drop in one day, on massive volume of 289,209,504 shares, more than seven times more than the prior day's volume of 40,177,600.
As a result of the dissemination of the false and misleading statements set forth above, the market price of Hansen common stock was artificially inflated during the Class Period. In ignorance of the false and misleading nature of the statements described above, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiffs and the other members of the Class relied, to their detriment, on the integrity of the market price of Hansen common stock. Had plaintiffs and the other members of the Class known the truth, they would not have purchased said common stock, or would not have purchased them at the inflated prices that were paid.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
