ATLANTA, May 9, 2003 (PRIMEZONE) -- Chitwood & Harley announces that it has filed a class action lawsuit in the United States District Court for the District of New Jersey, on behalf of investors who purchased or acquired the securities of Pharmacia Corporation, ("Pharmacia" or the "Company"), (NYSE:PHA), between April 17, 2000 and August 21, 2001, inclusive (the "Class Period"). The suit is brought against Pharmacia, and certain of its officers and directors. A copy of the complaint and a client certification is available on our website, www.classlaw.com. If you have questions concerning this matter or your rights, please contact Jennifer Morris at jlm@classlaw.com or 1-888-873-3999 ext. 6883.
The complaint charges Pharmacia and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that according to Pharmacia, the unique feature of Celebrex allowed Celebrex, unlike aspirin or ibuprofen, to retard pain and inflammation without the adverse side effects of stomach malaise or gastrointestinal bleeding. Throughout the Class Period, defendants consistently stated, this critical feature of Celebrex provided a tremendous market advantage because the use of traditional Nonsteroidal Anti-inflammatory Drug ("NSAIDs") resulted in as many as 100,000 hospitalizations each year and more than 15,000 deaths, related to gastrointestinal problems such as ulcers and bleeding.
In order to remove the FDA's warning label, Pharmacia was required to demonstrate that Celebrex provided an advantage over traditional NSAIDs. Pharmacia thus commissioned the "Celecoxib Long-term Arthritis Safety Study" (the "CLASS" study) - a clinical study to compare the gastrointestinal problems of patients who used Celebrex to those of patients who used other NSAIDs. Pharmacia, together with its partner Pfizer, not only funded this study, but every one of the sixteen physicians who performed the study were either employees of or paid consultants for Pharmacia. Because of its purportedly unique safety profile and its ready use by patients, Celebrex was perceived both by the medical and investment community as a very important product. The CLASS data was widely circulated and reviewed. One such review appeared in the prestigious Journal of the American Medical Association ("JAMA"), on September 13, 2000. Based on a review of the data supplied by Pharmacia, the authors of the JAMA article also reported that patients who took Celebrex had fewer symptomatic ulcers than those who took diclofenac or ibuprofen, two traditional NSAIDs.
On August 22, 2001, The Wall Street Journal reported that Celebrex caused higher incidence of cardiovascular problems. The Journal reported that noted cardiologists Eric J. Topol and Steven E. Nissen, chairman and vice chairman, respectively, of cardiovascular medicine at the Cleveland Clinic, issued a study on Celebrex which concluded that "(c)urrent data would suggest that use of these so-called 'COX-02 inhibitors' might lead to increased cardiovascular events." Further, the Cleveland Clinic doctors concluded that Celebrex was associated with a relatively high rate of heart attacks. This report was also published in the less widely circulated Journal of American Medicine at or about the same time. The price of Pharmacia dropped to below $40 by August 30, 2001, from the 45 range the stock traded at in mid-August.
The deadline to file lead plaintiff papers, for those class members wishing to serve in this capacity, is June 10, 2003. There are certain legal requirements to serve as lead plaintiff, which we would be happy to discuss with you. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Jennifer Morris at 1-888-873-3999 ext. 6883 (toll-free) or by e-mail at jlm@classlaw.com. You may also contact us through our website, www.classlaw.com, by clicking on Pharmacia, where a copy of a complaint and a client certification are available.
Chitwood & Harley LLP is a class action firm that concentrates its practice in representing victims of securities fraud and corporate mismanagement, as well as other complex litigation. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in recovering billions of dollars on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in the highest recovery last year in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on theClass Action Newsline at www.primezone.com/ca.