Pfizer Inc. (PFE) to Shell Out $164 Million in Investor Lawsuit Over Celebrex
10/10/2012 7:44:31 AM
Pfizer Inc has agreed to pay $164 million to settle a shareholder class action accusing the drug maker of misrepresenting the clinical trial results for Celebrex. The settlement was disclosed in court papers filed Friday in U.S. District Court in New Jersey. The accord came about two weeks before the company was to go to trial over allegations that it misled investors by distorting the results of a study of the arthritis drug. Christopher Loder, a spokesman for Pfizer, in a statement Tuesday confirmed Pfizer had reached a settlement. Pfizer continues to deny wrongdoing, he said. Patrick Coughlin, a lawyer for the plaintiffs, did not respond to a request for comment. Pfizer acquired Pharmacia Corporation, which manufactured Celebrex, in 2002. Celebrex is Pfizer's fifth biggest-selling medicine, with annual sales of about $2.5 billion.