NEW YORK, May 15, 2003 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the District of New Jersey on behalf of purchasers of Pharmacia Corporation ("Pharmacia" or the "Company")(NYSE:PHA) securities, between April 17, 2000 and August 21, 2001, inclusive (the "Class Period").
If you purchased Pharmacia securities during the Class Period, you may, no later than June 10, 2003, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The Complaint alleges that defendant violated the Securities Exchange Act of 1934, by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of Pharmacia securities. Throughout the class period, Pharmacia marketed Celebrex as a nonsteroidal anti-inflammatory drug ("NSAID") which retards pain and inflammation without the adverse effects of stomach pain or gastrointestinal bleeding found in other NSAIDs. Pharmacia claimed that this feature gave the drug a competitive advantage over traditional NSAIDs, which cause gastrointestinal problems resulting in greater than 15,000 deaths each year and as many as 100,000 hospitalizations.
Pharmacia was required to demonstrate this advantage via a clinical study in order to remove the FDA's warning label. In union with its partner Pfizer, Pharmacia created the "Celecoxib Long-Term Arthritis Safety Study," to compare the gastrointestinal problems of Celebrex patients with that of other NSAIDs patients. Each of the sixteen physicians performing the study were either Pharmacia employees or paid consultants. The data from this study was reviewed in the Journal of the American Medical Association on September 13, 2000, which also found that Celebrex patients had fewer symptomatic ulcers then those taking traditional NSAIDs. Due to these purported advantages, the investment and medical communities believed Celebrex to be an exceptional drug.
On August 22, 2001 however, the Wall Street Journal reported a higher incidence of cardivascular problems among Celebrex users. Around this same time the Journal of American Medicine reported similar problems with Celebrex. In response to this news, the price of Pharmacia securities fell below $40 by August 30, 2001.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of Pharmacia securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com
Peter D. Bull, Esq., Joshua M. Lifshitz, Esq., 18 East 41st Street New York, NY 10017 (212) 213-6222
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca