Shareholder class action law suits launched against Pfizer over 'illegal promotion' of drugs

At least three class action law suits by various law firms have been commenced in the US District Court for the Southern District of New York against global drugs behemoth Pfizer on behalf of shareholders, charging Pfizer and certain of its officers and directors with violations of the Securities Exchange Act of 1934 during the period between January 19, 2006 and January 23, 2009 (the 'Class Period'). Plaintiff seek to recover damages on behalf of all purchasers of Pfizer publicly traded securities during the Class Period.

The complaints alleges that, at various times during the Class Period, Pfizer manufactured, marketed and sold many types of drugs, including Bextra (valdecoxib), an anti-inflammatory, Geodon (ziprasidone HCl, an anti-psychotic, Zyvox (linezolid), an antibiotic, and Lyrica pregabalin), an anti-epileptic drug. During the Class Period, defendants misled investors by failing to disclose that it was engaged in an ongoing course of conduct designed to illegally promote the sale of Pfizer drugs, including the four previously mentioned.

By such conduct, it is alleged, Pfizer caused hundreds of millions of dollars in false or fraudulent claims to be submitted to several federal health care programs, thus exposing the company to untold legal liability.