Lawsuit Filed on Behalf of Pfizer Employees and X-Employees

Kantowitz Goldhamer & Graifman has filed a complaint against Pfizer (NYSE: PFE - news), Inc. ("Pfizer" or the "Company") and others in the United States District Court for the District of New Jersey for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The complaint is brought on behalf of employees and former employees of Pfizer who maintained investments in Pfizer stock in their individual accounts under the Pfizer Savings Plan and the Pfizer Savings Plan for Employees Resident in Puerto Rico and certain predecessor plans involving Warner Lambert and other entities, at any time from January 1, 2000 to the present (the "Plans" and the "Participants," respectively). Defendants include the Company, the Savings Plan Committee and the fiduciaries of the Plan, including various officers and directors of Pfizer.

The Complaint challenges, among other breaches of fiduciary duty, defendants' selection and promotion of the common stock of Pfizer as an appropriate choice for employees of Pfizer to invest their retirement savings in at a time when the officers of Pfizer responsible for the Plans knew or should have known that Pfizer's financial and operating condition was being seriously damaged by safety concerns associated with BEXTRA, a cox-2 specific inhibitor used in the treatment of arthritis, by additional safety concerns (an increased risk of heart attacks) associated with Celebrex, Pfizer's top-selling painkiller, and by Pfizer's exposure to costs and liabilities resulting from illegal marketing activities by Pfizer's Warner-Lambert division in connection with the marketing of another Pfizer drug, Neurontin. In May of 2004, Pfizer's Warner-Lambert division pleaded guilty to the illegal marketing of Neurontin and Pfizer thereupon paid a $430 million fine to settle charges that included defrauding Medicaid.

Kantrowitz Goldhamer & Graifman has extensive experience in ERISA retirement plan litigation. If you maintained an investment in Pfizer common stock in your individual accounts under the Plan at anytime from January 1, 2000 to the present, you may contact Gary S. Graifman (ggraifman@kgglaw.com) toll free at 800/660-7843 or by fax at 201/307-1086, or by writing to Kantrowitz Goldhamer & Graifman, 210 Summit Avenue, Montvale, NJ 07645.

Kantrowitz Goldhamer & Graifman
Gary S. Graifman, 800-660-7843
Fax: 201-307-1086
ggraifman@kgglaw.com