New York law firm Schoengold Sporn Laitman & Lometti has filed a securities-fraud class-action lawsuit against Pfizer. The complaint was filed on behalf of the Uniformed Sanitationmen’s Association Local 831 Pension Fund in federal court in Manhattan.
It is alleged that beginning in July 2006, Pfizer 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.
More.
This will run and run.
The question is: "who knew what and when?"
1 comment:
Im curious to see if anything materializes out of this. I found this article on Forbes.com you should take a look at.
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