US Investor Class Action Against Pfizer Dismissed After 10 Years
On Tuesday, July 8th, pharmaceutical giant Pfizer, won the dismissal of a 10-year-old Pfizer class action lawsuit filed against the company by its investors, who claimed that Pfizer lied about the safety and efficacy of Celebrex and Bextra.
Both Celebrex and Bextra were pain management drugs used to treat symptoms of severe arthritis and osteoarthritis. However, both NSAIDS – non-steroidal anti-inflammatory drugs – were recalled in 2005 due to potential dangerous side effects, including a high risk of heart attacks in patients taking the medications.
Pfizer investors launched a Pfizer class action lawsuit against the pharmaceutical company in 2004, and aimed to cover investors who bought stock between October 31st, 2000, and October 19th, 2005. Investors claimed they lost money because the company misled consumers about the safety of the NSAIDs by hiding the results of safety tests conducted in 1998. The class action lawsuit turned ugly in 2012, when a fight broke out between plaintiffs and defendants over whether Pfizer hid or destroyed documents associated with Celebrex and Bextra safety tests.
The Pfizer class action lawsuit was slated to go to trial this coming September, but US District Judge Laura Taylor Swain dismissed the suit on July 8th, because the plaintiff’s key expert had an unacceptable method for tallying Celebrex and Bextra damages. “Plaintiffs’ failure to proffer admissible loss causation and damages evidence is fatal to plaintiffs’ claims,” Swain wrote.
Pfizer said in a statement that the company was pleased with the ruling, adding that the company “has always believed the evidence in this case demonstrates that the company’s historical statements about Celebrex and Bextra were accurate.”
What Type Of Case is Appropriate to Pursue as a Class Action?
A class action is a procedural device to collect individuals’ claims that are suffering harm. When a case is awarded class action status, it means that an individual or small group of plaintiffs will act as representatives for others who have suffered injuries similar to theirs because of actions by the same defendant.
The main reason for making something a class action is efficiency. If a large group of people have the same injury, it is easier to decide whether they are entitled to compensation in one area, rather than a case by case basis.
Class Action cases we have handled include:
- a case against the managed care industry on behalf of physicians for systematically undercutting physician claims for payment for seeing patients;
- race-based life insurance cases against life insurance companies for charging African Americans higher rates for industrial life insurance;
- consumer cases included suing finance companies for adding credit life insurance on to consumer loans;
- a predatory lending case against the title loan industry;
- a predatory lending case against the mortgage industry for systematically steering clients into subprime lending
The Strom Law Firm Advocates for Consumer Protection Through Class Action Lawsuits
Founded in 1996 by former United States Attorney and assistant solicitor, Pete Strom, the Strom Law Firm, LLC aggressively pursues class action cases. The class action lawyers at the Strom Law Firm enjoy a distinct statewide and national reputation for excellence in the area of consumer protection litigation and class action lawsuits. Contact the attorneys at the Strom Law Firm today for a free, confidential consultation to discuss the facts of your potential class action lawsuit. 803.252.4800