HARTFORD, Conn., Nov. 15, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased publicly traded securities of Wyeth ("Wyeth" or the "Company") (NYSE:WYE) between January 31, 2006 and July 24, 2007, inclusive (the "Class Period").
The Complaint charges that Wyeth, a leading pharmaceutical company, and certain of its officers and directors violated federal securities laws. Specifically, from 2003 to 2006, Wyeth conducted Phase 3 clinical trials on its new drug, Pristiq for postmenopausal symptoms of hot flashes and night sweats. In June 2006, Wyeth announced that it had submitted a New Drug Application ("NDA") to the Food and Drug Administration ("FDA") for this indication. The Complaint alleges that defendants' statements regarding Pristiq were materially false and misleading when made because defendants concealed negative data regarding Pristiq's hepatic and cardiovascular effects.
On July 24, 2007, Wyeth announced that it received an approval letter from the FDA for Pristiq. In its letter, the FDA said that before the application could be approved, it would be necessary for Wyeth to provide additional data regarding the potential for serious adverse cardiovascular and hepatic effects associated with the use of Pristiq in this indication. The FDA requested that these data come from a randomized, placebo-controlled clinical trial of a duration of one year or more conducted in postmenopausal women. On this news, Wyeth's stock price dropped from $56 to $50.30 on July 25, 2007.
If you are a member of the class, you may, no later than January 14, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.