Pfizer settlement proves cases against large caps do exist

FRT Admin
Site administrator
February 13, 2015

In late January, Pfizer agreed to settle a class action suit to the tune of $400 million despite a recent Cornerstone Research report indicating that settlements involving S&P 500 companies occur less frequently than in the past. While research shows the overall number and value of settlements is down from last year, the Pfizer settlement ranks in the top 20 of all securities class actions.

Litigation against Pfizer was filed in 2010, accusing the pharmaceutical giant of making misleading statements to shareholders about its off-label marketing of products, including Bextra and other drugs. The alleged period of misconduct occurred between January 19, 2006 and January 23, 2009.

The settlement came just weeks before the case was set to go to trial. Prior to the trial, Pfizer had sought to block testimony from the plaintiffs’ damages expert, who said the company’s stock had been artificially inflated $1.26 a share over the three-year period due to misstatements or omissions.

According to an Economic Times article, a Pfizer spokeswoman said the company continues to deny wrongdoing and believes its disclosures to investors “were appropriate and prepared in good faith.”

 

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This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

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SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.