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Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Pfizer Inc.

^{Published on 2010-05-11 14:11:33 - Market Wire}
 

SAN DIEGO--([ BUSINESS WIRE ])--Robbins Geller Rudman & Dowd LLP (aRobbins Gellera) ([ http://www.rgrdlaw.com/cases/pfizerinc/ ]) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Pfizer Inc. (aPfizera) (NYSE:PFE) publicly traded securities during the period between July 20, 2005 and January 23, 2009 (the aClass Perioda).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffa™s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [ djr@rgrdlaw.com ]. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at [ http://www.rgrdlaw.com/cases/pfizerinc/ ]. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Pfizer and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Pfizer is a pharmaceutical company engaged in the discovery, development, manufacture, and marketing of prescription medicines for humans and animals worldwide.

The complaint alleges that at various times during the Class Period, Pfizer manufactured, marketed, and sold many types of drugs, including Bextra, an anti-inflammatory, Geodon, an anti-psychotic, Zyvox, an antibiotic, and Lyrica, an anti-epileptic drug. During the Class Period, defendants misled investors by failing to disclose that they were engaged in an ongoing course of conduct designed to illegally promote the sale of Pfizer drugs, including Bextra, Geodon, Zyvox and Lyrica. By such conduct, Pfizer caused hundreds of millions of dollars in false or fraudulent claims to be submitted to several federal healthcare programs, thus exposing the Company to untold legal liability.

On January 26, 2009, Pfizer announced that it was paying $2.3 billion to resolve several ongoing investigations. These investigations included the improper promotion of and kickbacks involving Bextra, Geodon, Zyvox and Lyrica. After the cost of resolving these investigations became public, the price of Pfizer common stock declined from $17.45 at the previous trading daya™s close to $15.65 on January 26, 2009.

Plaintiff seeks to recover damages on behalf of all purchasers of Pfizer publicly traded securities during the Class Period (the aClassa). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site ([ http://www.rgrdlaw.com ]) has more information about the firm.