As lead counsel, Grant & Eisenhofer recovered $486 million for investors in Pfizer in securities litigation over misrepresented drug safety
Plaintiff(s):
Institutional investors, led by Grant & Eisenhofer as lead counsel
Case type / claims:
Securities class action alleging that Pfizer misrepresented the cardiovascular safety of its blockbuster arthritis drugs Celebrex and Bextra, concealing risks that—when revealed in 2004—caused significant stock price declines and investor losses. The case involved extensive litigation over more than a decade, including millions of pages of discovery and over 100 depositions.
Defendant(s):
Pfizer Inc.
Jurisdiction:
U.S. District Court for the Southern District of New York
Year:
2016
Outcome:
- Achieved $486 million cash settlement for the class after more than 10 years of litigation.
- Successfully secured reversal of summary judgment at the Second Circuit, restoring plaintiffs’ ability to prove damages and loss causation.
- One of the largest pharmaceutical securities settlements involving drug-safety misrepresentations.
