LITTLE ROCK, Ark., Dec. 29, 2004 (PRIMEZONE) -- Emerson Poynter LLP (www.emersonpoynter.com), a national law firm with offices in Houston, TX, Little Rock, AR, and Seattle, WA, announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Pfizer Inc. ("Pfizer") (NYSE:PFE) publicly traded securities during the period between October 31, 2000 and December 16, 2004 (the "Class Period").
The complaint charges Pfizer and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Pfizer is a research-based, global pharmaceutical company that discovers, develops, manufactures and markets prescription medicines for humans and animals, as well as consumer healthcare products.
The complaint alleges that during the Class Period, defendants issued false and misleading statements and omissions regarding the safety and marketability of Pfizer's Celebrex and Bextra COX-2 inhibitor products. Throughout the Class Period, defendants were made aware of strong indicators that Pfizer's COX-2 inhibitor drugs posed serious undisclosed health risks to patients who were prescribed the drugs. As a result of the defendants' false statements, Pfizer's stock traded at inflated levels during the Class Period.
The true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) that although the information does not appear in the U.S. package insert and prescribing information, Celebrex increases the potential for causing adverse cardiovascular events, since it is a selective COX-2 inhibitor capable of creating a metabolic imbalance between prothrombic cyclo-oxygenase-1 (COX-1) and antithrombotic cyclo-oxygenase-2 (COX-2) metabolism; (b) that prior clinical studies, including the CLASS study where concurrent low-dose aspirin therapy, ibuprofen or diclofenac controls were employed, were flawed and defective, since non-steroidal anti-inflammatory drug ("NSAID") use also impacts the metabolic balance between COX-1 and COX-2 metabolism, potentially lowering the observed number of cardiovascular events in those studies; (c) that even as defendants promoted Celebrex to physicians, patients and investors on the basis of its safety and efficacy, health authorities continued to receive alarming reports of observed cardiovascular and cerebrovascular adverse reactions in patients not predisposed to cardiovascular disease; (d) that even as defendants heralded the safety of Celebrex following the recall of Vioxx, another anti-arthritic drug marketed by Merck, defendants knew that, unlike the scientifically valid clinical studies triggering the Vioxx recall, previous clinical trials pointing to the cardiovascular safety of Celebrex, including the CLASS study, were so flawed and defective that additional clinical studies looking at cardiovascular safety were required; and (e) that even as defendants intensified their retail advertising campaign and public statements following the Vioxx recall, including publishing full-page advertisements in major newspapers heralding the safe use of the drug, overwhelming and indisputable data and results pointed to a class-specific cardiovascular health risk for COX-2 inhibitors, including the adverse cardiovascular safety data defendants had already generated for Bextra, the Company's other selective COX-2 inhibitor drug, and nearly completed specific safety studies of Celebrex that would demonstrate that Celebrex suffered from the class-specific cardiovascular risks attributable to COX-2 inhibitors.
On December 17, 2004, Pfizer announced it had "received new information . . . about the cardiovascular safety of its COX-2 inhibitor Celebrex (celecoxib) based on an analysis of two long-term cancer trials." On this news, Pfizer shares fell to as low as $22 per share.
Emerson Poynter LLP has substantial experience representing investors and retirement plan participants in ERISA 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. With offices in Houston, Little Rock, and Seattle, Emerson Poynter LLP represents investors and plan participants all over the nation.
If you purchased or otherwise acquired the common securities during the Class Period (October 31, 2000 to December 16, 2004), you may, no later than February 14, 2005 move the Court to appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as lead plaintiff. You may retain Emerson Poynter LLP or other counsel of your choice.
If you are a member of the Class please contact Emerson Poynter LLP. You may contact our shareholder relations department via email (epllp@emersonpoynter.com) or by calling 1-800-663-9817.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca