Pfizer recently announced a settlement in principal for $400 million in a class action case that alleges it marketed several medications fraudulently, costing investors money.
According to Reuters, the lawsuit claims that between 2006 and 2009, Pfizer marketed several drugs on an off-label basis. The medications that were allegedly marketed erroneously were:
- Bextra, a painkiller that was discontinued
- Geodon, an antipsychotic drug
- Zyvox, an antibiotic
- Lyrica, an epilepsy drug
According to Reuters, the class action lawsuit was filed in 2010, saying that Pfizer made misleading statements about the drugs while it was under investigation by the U.S. Justice Department.
Shortly after the misleading statements were allegedly made, Pfizer paid a $2.3 billion settlement to the DOJ, dropping the price of company stock. The lawsuit claims Pfizer’s misleading statements and omissions artificially inflated shares by $1.26 each over the three-year period prior to the settlement.
Pfizer Accused of Marketing Dangerous Drugs for Unapproved Use
Aside from having to pay back investors, Pfizer faces scrutiny for putting potentially dangerous drugs in the marketplace without adequate warnings. Bextra, prior to its removal from the market, came under scrutiny after there were reports of an increase risk of adverse cardiovascular (CV) events in people taking the product.
Pfizer has also been accused of withholding the risks of other drugs to the public. In fact, last year, the manufacturer agreed to pay $325 million to resolve claims that it defrauded insurers and healthcare providers by marketing Neurontin, an anti-seizure medication, for unapproved uses. The drug has been linked to depression, among other side effects.
Having a Drug Claim Investigated
Remember, our attorneys, one of whom is a doctor, have substantial experience in pharmaceutical, medical device, and defective product litigation, including class action lawsuits and multidistrict litigation (MDL).
If a dangerous drug injures you or your loved one, you may want to have your case investigated, as you may be entitled to compensation.
Zoll & Kranz, LLC – Defective Medical Drug and Device Lawyers
ZK’s Tidbit: Liptior, a Pfizer product, has been linked to Type 2 diabetes.