Prescription drug sales

It’s been over 11 years of litigation for shareholders of href="" target="_blank">Pfizer Inc. in a lawsuit over the safety risks associated with Bextra and Celebrex, two of the pharmaceutical company’s pain-relieving drugs. Now Pfizer and its shareholders have reached a final settlement in which the plaintiffs will be awarded $486 million.

Settlement Comes Seven Years After $2.3 Billion Settlement in Government Probe

The settlement with the shareholders comes seven years after Pfizer agreed to pay $2.3 million after a government probe into how Bextra and other drugs were marketed. That occurred in 2009. Of this current settlement, Pfizer issued a statement, saying “This resolution reflects a desire by the company to avoid the distraction of continued litigation and focus on the needs of patients and prescribers.” So far, the plaintiff’s attorney has declined to comment.

The plaintiffs included shareholders who purchased stock in Pfizer between Oct. 31, 2000, and Oct. 19, 2005. While Pfizer does not admit to any wrongdoing, the lawsuit claimed that Pfizer hid tests that started in 1998 and showed that there were health risks associated with Bextra and Celebrex. The validity of those claims increased when Vioxx, manufactured by Merck and Co. was pulled from the market in late 2004 because of an increase in cardiovascular risks. Bextra was pulled just a few months later.

Lawsuit Dismissed in 2014, Reinstated in 2016

The lawsuit was thrown out in July 2014, but earlier this year, the 2nd U.S. Circuit Court of Appeals in Manhattan reinstated it. The reason for the reinstatement was due to errors by the lower court’s judge.

Where You Injured by Bextra or Celebrex?

If you or a loved one were injured because of Celebrex or Bextra, and you owned stock in Pfizer, you may be entitled to your share of $486 million. You have a right to seek compensation for your losses. An experienced attorney can provide more information. Other medications are frequently being recalled and you may have experienced an injury or illness due to one of them as well. Be sure to know your rights when it comes to seeking compensation for you and your family.