Pfizer Unit Must Face Investor Class Action Over Pristiq
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Pfizer Inc.’s Wyeth unit must face a class action by investors claiming the drugmaker hid negative data on Pristiq, an anti-depressant marketed as the first non-hormone menopause treatment.
U.S. District Judge Richard Sullivan today granted a request by two pension funds to sue on behalf of all investors who bought Wyeth common stock from June 26, 2006, through July 24, 2007. The plaintiffs claim Wyeth misled them by failing to disclose information about Pristiq’s effects on the heart and liver, which delayed the drug’s approval by the U.S. Food and Drug Administration.