In a recent unanimous opinion, U.S. District Judge Michael A. Shipp dismissed a motion by Pfizer to suppress the class action lawsuit against the pharmaceutical company by its stockholders, who claimed that Pfizer misrepresented the safety and effectiveness of Celebrex and Bextra as part of a massive marketing campaign. The plaintiffs in the lawsuit were primarily individual investors who invested in Pfizer and other pharmaceutical companies. The complaint stated that Pfizer’s advertisers and spokespersons deceived them into believing that their investment would yield returns of a substantial size while offering no such returns in fact. The plaintiffs further claimed that the misrepresentation deprived them of access to information and analysis about the health and value of the products that they invested in.

Pfizer Class Action Lawsuit

Plaintiffs further claimed that Pfizer’s agents, including PricewaterhouseCoopers and actuaries, did not provide them with the full information about the product. According to the complaint, one of the plaintiffs’ representatives actually told the investment agents that the results from the studies would be far better than they actually received. Another plaintiff was an environmental contamination class action lawsuit defendant who suffered a loss because of Pfizer’s bad judgment and deceptive conduct.

He ultimately lost his million dollar lawsuit. Plaintiffs further alleged that Pfizer created a false image of itself and distorted the truth about its products to convince Class Action lawsuit plaintiffs to invest in the company’s stock and pay for expensive claims and compensations.

In its answer, the company stated that it “never knowingly deceived any of its Class Action plaintiffs” and maintained that “there was and is only limited liability due to the fact that the facts underlying the claims cannot be proven beyond a reasonable doubt.

” The company also maintained, “If plaintiffs decide not to pursue their claims against the Company, they must bear the costs of those claims.” Finally, the company maintained that it “filed all of the appropriate patent claims against the named defendants, paid claims against those who failed to bring claims against the Company, and settled claims for an aggregate settlement of nearly $1 billion.”

The Class Action lawsuit resulted in Pfizer agreeing to a massive fine and several thousand class action lawsuit plaintiffs being able to recoup some of their losses.

However, according to plaintiffs attorney Michael Norton, “The class action lawsuit result doesn’t change the fact that Pfizer blatantly and irresponsibly deceived the investing public.” In the end, the Court found that plaintiffs failed to establish that the misrepresentation was a “misleading or deceptive statement or representation.” Additionally, the Court found that Pfizer failed to show that the harm or danger to its consumers resulted from the misrepresentation.

In its answer, the company maintained that it “made every effort” to provide accurate and complete disclosure to the Securities and Exchange Commission (SEC).

However, plaintiffs attorney Michael Norton says that the company’s response to his client’s claim is “baffling at best and downright disappointing.” He contends that the company “knew all along that their ads would mislead the general public and the SEC easily see that their statements were false and misleading.”

Furthermore, he says that the class action lawsuit results do not alter the liability of the company in any way. “That said, what does this case teach investors about what they should or shouldn’t believe?… None.”

The Class Action lawsuit against Pfizer is currently underway.

If you have been injured as a result of the negligent acts of Pfizer and have lost money because of those injuries, do not wait to contact an experienced litigation lawyer to discuss your case. The time to act is now. You can download a copy of the Class Action lawsuit here. You’ll need to read it and make your own conclusions as to whether the case has merit.

Remember, there is no fee to join and if you decide to proceed with the case, Pfizer reserves the right to retain the services of an expert in the area of medical malpractice and securities fraud.

By Ricky

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