LITLE ROCK, Ark., Dec. 21, 2004 (PRIMEZONE) -- Emerson Poynter LLP, a national law firm with offices in Houston, Little Rock, and Seattle (http://www.emersonpoynter.com) announced today that a securities fraud class action lawsuit has been filed on behalf of shareholders who purchased or otherwise acquired Pfizer, Inc ("Pfizer" or the "Company") (NYSE:PFE) securities between November 1, 2000 and December 16, 2004. In addition, Emerson Poynter LLP has initiated an investigation into possible violations of the Employee Retirement Income Security Act of 1974 ("ERISA").
The securities class action complaint alleges that defendants misrepresented and omitted material facts about the safety and marketability of Pfizer's Celebrex and Bextra products. In fact, on November 4, 2004, the Calgary Herald reported that, "Celebrex, which was touted as a safe alternative pain drug after Vioxx was pulled from the market, is suspected of causing at least 14 deaths and numerous heart and brain side effects." The New York Times also reported that a study revealed that "...incidents of heart attacks and strokes among patients given Pfizer's painkiller Bextra was more than double that of those given placebos. Then, prior to the stock market opening on December 17, 2004, Pfizer revealed that in a recent trial, "patients taking 400mg and 800mg of Celebrex daily had an approximately 2.5 fold increase in their risk of experiencing a major or not-fatal cardiovascular event compared with those patients taking placebos."
Yesterday, according to the company's website, Pfizer voluntarily pulled its Celebrex ads from all media after the safety of the product came under question. The price of Pfizer's shares dropped precipitously all day in response to this news.
Emerson Poynter LLP has substantial experience representing plan participants in ERISA action and investors in shareholder lawsuits. The firm represents investors and retirement plan participants throughout the nation in such actions as Enron, Reliant Energy, Goodyear, Cardinal Healthcare, and ADC Telecommunications. The firm has offices in Houston, Texas, Little Rock, Arkansas, and Seattle, Washington, but represents investors, retirement plan participants and consumers throughout the nation.
If you purchased Pfizer stock during the class period (November 1, 2000 - December 16, 2004), before the class period, or are a member of one of Pfizer's retirement plan(s) and purchased or held Pfizer, Inc. stock through the retirement plan(s), please contact us by calling toll-free at 800.663.9817 or via e-mail at epllp@emersonpoynter.com.