Schoengold Sporn Laitman & Lometti, P.C. Announces It Filed a Class Action Lawsuit Against Pfizer Inc (NYSE: PFE)
10 December 2006 Schoengold Sporn Laitman & Lometti, P.C. announced today that the firm has filed a class action lawsuit on behalf of the Uniformed Sanitationmen's Association Local 831, IBT, against Pfizer Inc ("Pfizer" or the "Company") (NYSE: PFE) and certain key officers and/or directors in the United States District Court for the Southern District of New York. This action has been brought on behalf of persons who purchased or otherwise acquired Pfizer securities during the period between July 20, 2006 and December 2, 2006 (the "Class Period"). If you purchased Pfizer securities during the Class Period and would like to join the action pursuing securities claims against the Company and its officer and/or director defendants, you may do so by visiting Schoengold Sporn Laitman & Lometti's website at www.spornlaw.com or contacting Schoengold Sporn Laitman & Lometti, toll free at (866) 348-7700 or via e-mail at shareholderrelations@spornlaw.com. However, please note that the deadline to seek lead plaintiff status in this case expires February 5, 2007.
The complaint alleges that during the Class Period, defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making materially false and misleading statements to artificially inflate the value of Pfizer stock. Specifically, it is alleged that beginning in July 2006, the defendants repeatedly touted the safety and effectiveness of a newly-developed drug, "torcetrapib," that, in combination with Pfizer's cholesterol-reducing Lipitor, purportedly would increase a patient's "good" cholesterol, or HDL. However, unbeknownst to Pfizer shareholders, the product performed much worse than touted. These statements were false and misleading when made because the defendants failed to disclose or indicate that they knew that the torcetrapib was having adverse affects on patients' health, including knowledge that in clinical testing of 15,000 patients, 82 patients died taking torcetrapib/Lipitor combination as compared to only 51 patients taking Lipitor alone, and patients taking torcetrapib showed an increase in angina, congestive heart failure and procedures to clear clogged arteries.
Surprising the market, on December 2, 2006, a mere two days after the Company expressed optimism about prospects for torcetrapib, Pfizer suddenly announced that it was immediately suspending development of torcetrapib following clinical testing of 15,000 patients found that 82 patients taking torcetrapib/Lipitor combination died as compared to 51 patients taking Lipitor alone. These statements were false and misleading when made because the defendants failed to disclose or indicate that they knew that the option grant process was deficient and could cause the Company to restate its financial statements.
The market reacted quickly to these announcements. Pfizer's stock price plummeted to $24.90 per share from its prior trading day close of $27.86 per share, a 10.62% drop in one day, on massive volume of 289,209,504 shares, more than seven times more than the prior day's volume of 40,177,600.
If you purchased Pfizer securities during the Class Period and either sold those securities at a loss or still hold them, you may request that the Court appoint you as a lead plaintiff. However, you must do so no later than February 5, 2007.
Schoengold Sporn Laitman & Lometti was established in 1962 and has specialized in securities fraud litigation for over 35 years. The firm was cited by the Wall Street Journal in a study of the largest recoveries for claimant shaerholders, as a percentage of overall damages, for its recoveries in the Anadigics and Versatility cases, which ranked first and third for recovering 44% and 30%, respectively, of plaintiffs' overall losses. Most recently, in 2004, the firm recovered $40 million for a class of Nicor, Inc. shareholders, representing approximately 35% of reasonably recoverable damages. In fact, United States District Judge Colleen McMahon in the Del Global case, in which SSL&L acted as sole lead counsel, commended the firm for "going the extra mile" in obtaining a settlement for the class: "Through Schoengold [Sporn Laitman & Lometti]'s efforts, after intensive investigation, concentrated litigation and extensive arm's-length bargaining, and without the benefit of any governmental agency's investigation, Class Counsel have secured a settlement fund which confers an excellent benefit to the Class ..."
If you would like to further discuss your rights, you may call collect or otherwise contact the undersigned, who will be pleased to assist:
CONTACT: Jay P. Saltzman, Esq. Ashley Kim, Esq. Frank R. Schirripa, Esq. Schoengold Sporn Laitman & Lometti, P.C. 19 Fulton Street, Suite 406 New York, New York 10038 Tel: (212) 964-0046 Fax: (212) 267-8137 Toll Free: (866) 348-7700 E-Mail: Email Contact Website: www.spornlaw.com
SOURCE: Schoengold Sporn Laitman & Lometti, P.C.
Source: marketwire
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