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Pfizer Settles Celebrex Securities Lawsuit for $164M

This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: Pfizer Inc, has agreed to pay $164 million in settlement of a securities class action lawsuit brought over allegations that it misprespresented results from clinical trials of Pharmacia's arthritis drug Celebrex.

Pfizer acquired Pharmacia Corp, the maker of Celebrex, in 2002. In 2003, investors sued Pfizer and some former Pharmacia officers for allegedly violating federal securities laws. The lawsuit contends that between 2000 and 2001, the defendants misrepresented data on Celebrex so as to make it appear safer than similar drugs.

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Published on Oct-10-12


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