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Class Action over Pfizer Restarts
A federal appeals court brought back to life the Pfizer class action lawsuit that was being investigated in 2004. According to the court, the case was dismissed wrongfully. Hence, the lawsuit was sent back to the lower court judge to be heard again.
The whole thing about the lawsuit was that the company seems to have been misleading its stakeholders regarding the safety of the drugs known as Celebrex and Bextra. It all started over a decade ago when several of Pfizer stakeholders began blaming the company for drug misrepresentation. The problem is that drugs could cause heart problems. For example, if used in higher doses, Celebrex could pose a risk of a heart attack (this is a research finding made public in 2004). After the research was published, shares for this drug went down for nearly 8%.
When Celebrex came to market in the late 1990s, it was considered a real miracle since it was used to reduce inflammation for arthritis while also ensuring safety against stomach problems. After the Pfizer class action dismissal in 2004, the company’s income started to decrease dramatically. It only started to grow a few years later when a study suggested that patients with arthritis that do not have known cardiovascular problems have little risk of being affected by the by-effect of the drugs.
However, according to the federal appeals court, Judge Swain made a huge mistake by not allowing expert testimony to prove whether the drugs contained potential damage or not. This testimony could have provided crucial facts for proving the claim.
This is not the only claim against Pfizer. In 2009, the company paid more than $2 billion as a criminal penalty. The claim was that the company used improper marketing tactics to advertise Bextra and several other drugs. The company was then advertising Celebrex and Bextra as drugs that are way safer than similar other drugs although, in reality, these two drugs were COX-2 inhibitors too and thus could contain a risk of serious heart issues.
According to the company spokesperson, Pfizer is disappointed by the appeals court hearing outcome. They say they have been informing both their investors and the public about the medications they are producing in an appropriate and accurate manner.
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