Amended class action complaint against Pfizer

Robbins Geller Rudman & Dowd LLP ("Robbins Geller") ( today announced that an amended class action complaint will be filed in the United States District Court for the Southern District of New York. The amended complaint will be on behalf of purchasers of Pfizer Inc. ("Pfizer") (NYSE:PFE) publicly traded securities during the period between January 19, 2006 and January 23, 2009 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from May 11, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [email protected] If you are a member of this class, you can view a copy of the existing complaint as filed or join this class action online at 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 amended complaint will charge 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 amended complaint will allege that 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 day'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 "Class"). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Source Robbins Geller


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