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July 10, 2014

Pfizer Wins Dismissal of Long-Running Shareholder Class Action

Pfizer Inc. won the dismissal Tuesday of a shareholder class action over its Celebrex and Bextra pain-relieving drugs. The suit, filed in 2004, was scheduled for a trial hearing on September 9, 2014.

The ruling centered on the plaintiffs’ failure to present a damages expert. The plaintiffs had initially presented such an expert in Daniel Fischer, a former dean of the University of Chicago law school. However, Judge Swain had found the “methodology for calculating damages” in a report submitted by Fischer “to be flawed.”

Based on that initial Fischer report, Judge Swain “felt that the plaintiffs did not deserve a second chance” and agreed with Pfizer that the case should be dismissed.

Even the lawyer “representing the plaintiffs had admitted that a trial without a damages expert testifying is not possible,” reports Reuters.

“Plaintiffs’ failure to proffer admissible loss causation and damages evidence is fatal to plaintiffs’ claims,” Swain wrote. Pfizer released a statement that said it was pleased with the ruling, adding it “has always believed the evidence in this case demonstrates that the company’s historical statements about Celebrex and Bextra were accurate.”

Read the full story here.

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