Pfizer will pay $164 million to settle Celebrex class action

Shareholders claimed company misrepresented clinical trial results

Pfizer Inc. has agreed to pay hundreds of millions of dollars to settle a shareholder class action lawsuit concerning its arthritis drug Celebrex.

In 2002, Pfizer acquired Pharmacia Corp., the maker of Celebrex. A year later, investors sued Pfizer and some former Pharmacia officers for allegedly violating federal securities laws. The plaintiffs claimed that from 2000 to 2001, the defendants misrepresented the clinical trial results of Celebrex in order to make it appear safer than similar drugs.

Ashley Post

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