Southern District of New York
G&E was class counsel in a securities class action against Pfizer alleging that the pharmaceutical company misrepresented the cardiovascular safety of its multi-billion-dollar arthritis drugs, Celebrex and Bextra. In 2004, when the truth about the drugs’ cardiovascular risks was revealed, Pfizer’s stock price declined significantly. The case was extensively litigated for over 10 years, with millions of pages of documents produced and more than 100 depositions taken. As the case was nearing trial in 2014, however, the Court granted defendants’ motion to exclude the testimony of plaintiffs’ expert concerning damages and causation, and thereafter granted summary judgment for defendants because without the testimony, plaintiffs could not prove damages or loss causation. Plaintiffs appealed, and in 2016, the decision was reversed. The parties later agreed on a settlement of the litigation providing for a cash payment by Pfizer of $486 million.