Pfizer Inc. (PFE)'s Wyeth (WYE) Ordered to Face Class-Action Over Pristiq
9/19/2012 7:16:01 AM
A federal judge has granted class-action status to former Wyeth Inc shareholders who accused the company, now part of Pfizer Inc, of misleading them about risks associated with the antidepressant Pristiq. The decision issued Tuesday by U.S. District Judge Richard Sullivan in Manhattan is a victory for shareholders led by the Pipefitters Union Local 537 Pension Fund in Boston. It lets shareholders sue the largest U.S. drugmaker by revenue as a group rather than individually, which could lead to larger recoveries while lowering costs. Christopher Loder, a Pfizer spokesman, said the company will continue to vigorously defend itself in the case.