Litigation

Carella Byrne Files Securities Class Action Lawsuit Against Wyeth

ROSELAND, N.J. - Carella, Byrne, Cecchi, Olstein, Brody & Agnello P.C. on June 29 announced that a securities class action lawsuit was filed on June 18 in the U.S. District Court for the District of New Jersey on behalf of purchasers of Wyeth Inc. common stock between May 21, 2007, and July 29, 2008 (Security Police and Fire Professionals of America Retirement Fund, et al. v. Pfizer, Inc., et al., No. 2:10-cv-03105-SDW-MCA, D. N.J.).

This action seeks damages for violations of Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The defendants are Pfizer Inc., as successor-in-interest to Wyeth (now a wholly-owned operating subsidiary of Pfizer), Robert Essner (former chairman and CEO of Wyeth), Bernard Poussot (former chairman and CEO of Wyeth), Kenneth J. Martin (former CFO and vice chairman of Wyeth), Greg Norden (former CFO of Wyeth) and Robert R. Ruffolo Jr. (former president, Wyeth Research and senior vice president, Wyeth). Before its acquisition by Pfizer, Wyeth was one of the world's largest pharmaceutical manufacturers. This action alleges that the defendants concealed material information and made false and misleading statements relating to one of its drugs under development.

The plaintiff, Security Police and Fire Professionals of America Retirement Fund, seeks to recover damages on behalf of the class and is represented by Carella Byrne of Roseland.

Anyone wanting to serve as lead plaintiff must move the court no later than Aug. 30.

Download the complaint.