Securities Complaint Against Pfizer Dismissed

MANHATTAN (CN) - A federal judge has dismissed a class-action securities complaint against Pfizer, whose share price dropped by 11 percent after it suspended testing of its anti-cholesterol drug torcetrapib late in2006.

Judge Lewis Kaplan found that lead plaintiffs the Uniformed Sanitationmen's Association Accrual Fund "have not pleaded with particularity facts sufficient to support their allegation that defendants' statements were materially misleading."

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit