Tuesday, May 4, 2010

INVESTORS WIN AGAINST GIANT PFIZER FOR FRAUD

Kendall from Wall Street Journal writes about a big win for investors against Pfizer, Inc for fraud. Big News!

High Court Rejects Pfizer Appeal in Investor Suit
By
BY BRENT KENDALL
http://online.wsj.com/article/SB10001424052748704342604575222070480923454.html?reflink=barrons_redirect

WASHINGTON—The U.S. Supreme Court on Monday rejected an appeal by Pfizer Inc. that sought to thwart a securities lawsuit alleging the drugmaker misrepresented the safety profile of the blockbuster pain drug Celebrex.
The plaintiffs alleged that Pfizer's Pharmacia unit deliberately withheld the full results of a medical study that showed no safety advantage to using Celebrex over less expensive anti-inflammatory drugs.
Pfizer argued that investors missed a two-year statute of limitations to bring the lawsuit. The investors said there was no evidence of a possible fraud until the Washington Post published ...

for more go to WSJ link: http://online.wsj.com/article/SB10001424052748704342604575222070480923454.html?reflink=barrons_redirect

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