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High Court Rejects Pfizer Appeal in Investor Suit
Headline Legal News |
2010/05/03 08:18
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| pThe U.S. Supreme Court on Monday rejected an appeal by Pfizer Inc. that sought to thwart a securities lawsuit alleging the drugmaker misrepresented the safety profile of the blockbuster pain drug Celebrex. /ppThe plaintiffs alleged that Pfizer's Pharmacia unit deliberately withheld the full results of a medical study that showed no safety advantage to using Celebrex over less expensive anti-inflammatory drugs. /ppPfizer argued that investors missed a two-year statute of limitations to bring the lawsuit. The investors said there was no evidence of a possible fraud until the Washington Post published an article about missing Celebrex data in August 2001, meaning their April 2003 lawsuit was within two years of that development. /ppThe 3rd U.S. Circuit Court of Appeals in Philadelphia ruled last year that the lawsuit was not filed too late. The Supreme Court let that ruling stand without comment. /ppThe high court's denial of Pfizer's appeal comes a week after the justices ruled unanimously that investors didn't wait too long to file securities lawsuits alleging that Merck amp; Co. misrepresented the safety of painkiller drug Vioxx. Pfizer's appeal had been on hold pending the outcome of the Merck case./p |
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