The world's biggest pharmaceutical firm now needs to face investor allegations that executives misled them about the athritis drugs Celebrex and Bextra. The judge ruled that shareholders can proceed with the claims on the matter.
According to US District Judge Laura Taylor Swain of New York said that allegations of Pfizer officials gave misleading and erroneous statements about the risks with Celebrex and Bextra. The suit alleges that results of the studies were hid or misrepresented especially its adverse cardiovascular effects.
This decision would allow for the filing of shareholder suits that can be combined into a class action suit that can go to trial. Celebrex earned nearly US$2.5 billion in sales and went on to become one of its best selling medications. Bextra on the other hand was pulled from the market in 2005 after links to an increased risk for heart attacks and a rare skin condition was found.
For its part, Pfizer spokesperson Chris Loder said the company is ready to defend itself agains the claims in court. In an interview he added," We appreciate the court's decision narrowing the claims and look forward to presenting our case at trial."
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