Pharmaceutical Attorneys Dangerous Drugs Defective Medical Devices Medical Conditions Currently Accepted Cases Our Lawyers Do I Have a Case? Contact Us

Pfizer Settles Pristiq Lawsuit for $67 Million

Drug manufacturing giant Pfizer Inc has settled a class-action lawsuit with shareholders who were misled about risks associated with the antidepressant Pristiq. The cost to Pfizer will be a whopping $67.5 million.

The all-cash settlement was made public on November 9, one month after Pfizer settled a different lawsuit accusing the company of misleading investors about clinical trial results for the arthritis drug Celebrex; that settlement totaled $164 million.

The Pristiq lawsuit revolves around a large drop in the stock value of Wyeth shares (the company was acquired by Pfizer in 2009) that occurred on July 24, 2007. The drop, which caused a loss of over $7 billion of share value, was a result of the Food and Drug Administration’s refusal to approve Pristiq to treat "hot flashes" in post-menopausal women because of potential heart and liver problems associated with the drug.

Shareholders claim that Wyeth concealed these adverse side effects, knowingly allowing stock prices to be inflated between June 26, 2006 and July 24, 2007.

The settlement comes after almost six months of mediation. It is awaiting approval by U.S. District Judge Richard Sullivan in Manhattan.

Categories: Dangerous Drugs


No Comments Posted
Prempro Settlement Costs Pfizer $896 Million
Pfizer Inc. has revealed in a filing with the U.S. Securities and Exchange Commission that it has already paid $896 million to settle some 6000 lawsui... Read More [+]
Johnson & Johnson Fined for Hiding Drug Risks
In a suit filed by the state of Arkansas, a jury found Johnson & Johnson guilty of hiding the risks associated with the antipsychotic drug Risperd... Read More [+]
New Senate Bill Proposes Changes to Medical Device Approval Process
We previously discussed concerns with the Food and Drug Administration's (FDA) 510(k) approval process, which provides fast-tracked approval if a ... Read More [+]