Pfizer (PFE) Receives Positive Verdict in Decade-Long Celebrex Investor Suit

Pfizer (NYSE: PFE) is on watch Wednesday following news that the pharmaceutical giant has come out victorious over investor accusations it misled about the safety of its Celebrex and Bextra drugs.

Report have U.S. District Judge Laura Taylor Swain in New York issuing the verdict ahead of an expected September 9th trial. Investors took up the class action in 2004.

One lawyer for the plaintiffs said without a damages expert a securities fraud trial can't be tried. The plaintiffs' aimed to amend a report issued by Daniel Fischel, a former dean of the law school at the University of Chicago. Swain had found Fischel's methodology to calculate damages to be flawed.

Judge Swain commented, Plaintiffs' failure to proffer admissible loss causation and damages evidence is fatal to plaintiffs' claims.

In a statement, Pfizer said it was pleased with the ruling and has always believed the evidence in this case demonstrates that the company's historical statements about Celebrex and Bextra were accurate.

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