Clinical Trial Complications: Pharmacia Corp
When companies misrepresent critical information that affects shareholder value, investors and stakeholders can play a valuable role by litigating to help hold the companies accountable and to recover lost investment funds.
Alaska Electrical Pension Fund v. Pharmacia Corp.
In Feb. 2013, the U.S. District Court for the District of New Jersey granted final approval of a $164 million settlement for investors who purchased common stock of Pharmacia Corporation between April 17, 2000, and August 5, 2001.
Motley Rice served as co-class counsel in this federal securities fraud litigation alleging that the defendants, including Pharmacia Corporation, Pfizer Inc. and numerous former executives, misrepresented the results of a 2000 clinical trial involving the gastrointestinal benefits of Celebrex® to make its safety profile appear better than rival drugs. These allegedly misleading statements led to shareholders’ alleged loss of billions.
We applaud our client, PACE Industry Union Industry Management Pension Fund, and the other five class representatives that stepped forward to pursue this important litigation.
Alaska Electrical Pension Fund v. Pharmacia Corp., Consol. No. 03-1519 (AET) (D.N.J.)
Final Judgment and Order of Dismissal with Prejudice (U.S. District Court of New Jersey, Jan. 30, 2013)
If you have questions regarding cases similar to the Alaska Electrical Pension Fund v. Pharmacia Corp settlement or if you would like to discuss a potential case, contact our securities team by email or call 1.800.768.4026.
*Prior results do not guarantee a similar outcome.