SEATTLE, Dec. 17, 2004 (PRIMEZONE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it has commenced an investigation against Pfizer, Inc. ("Pfizer" or the "Company") (NYSE:PFE) for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in Company stock by the Pfizer Savings Plan and the Pharmacia Savings Plan (the "Plans").
Keller Rohrback's investigation also focuses on concerns that Pfizer and other fiduciaries for the various Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence by (1) failing to prudently and loyally manage the Plans' assets by investing a significant amount of the Plans' assets in Pfizer stock when it no longer was a prudent investment for participants' retirement savings; (2) failing to monitor and provide fiduciary appointees with information that the appointing fiduciaries knew or should have known that the monitored fiduciaries needed in order to prudently manage the Plans' assets; (3) failing to provide complete and accurate information to participants and beneficiaries regarding Pfizer's business prospects and financial performance as a result of among other problems, the safety of Celebrex; and (4) breaching their duty to avoid conflicts of interest.
If you are a member of one of the Pfizer Savings Plan or the Pharmacia Savings Plan and purchased or held Pfizer stock through one of those Plans, you may contact paralegal Jennifer Tuato'o, or any member of our team, Derek Loeser or Lynn Sarko, toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. Our attorneys helped pioneer this field in the Lucent and IKON ERISA breach of fiduciary duty cases--the first large-scale ERISA 401(k) cases filed. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA breach of fiduciary duty cases, including the Enron and WorldCom, Inc. ERISA litigations and was most recently appointed lead counsel in The Goodyear Tire & Rubber Company ERISA Litigation. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.