A class-action lawsuit brought by a named plaintiff, City of Livonia Employees’ Retirement System, has resulted in a $67.5 million settlement of the class-action lawsuit brought by former shareholders of Wyeth, Inc. The lawsuit alleged that shareholders were misled about the risks associated with the antidepressant, Pristiq.
The settlement was made public on Nov. 9, 2012, one month after Pfizer agreed to pay $164 million to settle a separate lawsuit accusing it of misleading investors about clinical trial results for the arthritis drug, Celebrex.
When the U.S. Food and Drug Administration refused to approve Pristiq to treat “hot flashes” in post-menopausal women until it learned more about the potential for heart and liver side effects, Wyeth share value lost more than $7.6 billion.