Pfizer Loses Bid to Have Celebrex Investor Suits Tossed

Pfizer Inc., the world’s biggest drugmaker, lost a court bid to dismiss investors’ claims that company executives misled them about the prospects for arthritis drugs Celebrex and Bextra.

U.S. District Judge Laura Taylor Swain in New York concluded yesterday that shareholders can proceed with claims that Pfizer officials made misleading statements about the safety of Celebrex and Bextra. Stockholders allege Pfizer executives deliberately hid or misrepresented the results of studies that suggested the drugs may have adverse cardiovascular effects.