A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Pfizer Inc (NYSE:PFE) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on January 28, 2017 and NYSE:PFE investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/13/2017 -- The Shareholders Foundation announced that a deadline is coming up on January 28, 2017 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Pfizer Inc (NYSE:PFE) between October 31, 2000 and October 19, 2005.
Investors who purchased a significant amount of shares of Pfizer Inc (NYSE:PFE) between October 31, 2000 and October 19, 2005, have certain options and should contact the Shareholders Foundation by email at firstname.lastname@example.org or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Pfizer Inc (NYSE:PFE) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/pfizer-inc-nyse-pfe-investor-securities-class-action-lawsuit-12152004
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is January 28, 2017. The class action administrator for this case is Garden City Group LLC.
The lawsuit was originally filed in the U.S. District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired the publicly-traded common stock of Pfizer Inc between November 1, 2000 and November 10, 2004, against Pfizer Inc over alleged violations of Federal Securities Laws.
The complaint alleges that, between November 1, 2000 and November 10, 2004, defendants misrepresented and omitted material facts concerning the safety and marketability of Pfizer Inc's Celebrex and Bextra products. Specifically, the plaintiff alleges that at all times during the period of November 1, 2000 and November 10, 2004, defendants were aware of strong indicators that Celebrex and Bextra, drugs known as "Cox-2 Inhibitors," posed serious undisclosed health risks to consumers, that these undisclosed health risks would limit their marketability, and that the potential financial liability Pfizer faced from the harms these drugs caused posed a serious threat to the Company's finances. Nevertheless, defendants concealed these facts from the investing public, so the lawsuit. Toward the close of the Class Period, a series of factual revelations from several sources caused the market to gradually perceive the truth about Pfizer Inc's Bextra and Celebrex products. For example, on November 4, 2004, the Calgary Herald reported that "Celebrex, a popular pain drug touted as the safe alternative after Vioxx was pulled from drugstore shelves, is suspected of causing at least 14 deaths and numerous heart and brain side effects." Then, on November 10, 2004, the New York Times further shocked the market by reporting on a study finding that "[t]he incidence of heart attacks and strokes among patients given Pfizer Inc's painkiller Bextra was more than double that of those given placebos." As a result of these and other revelations, Pfizer Inc's share price dropped from a closing price of $29.45 on November 3, 2004 to $27.15 on November 11, 2004 - a drop of 8%.
Those who purchased shares of Pfizer Inc have certain options and should contact the Shareholders Foundation.
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