Robbins Geller Achieves $400 Million Recovery for Pfizer Inc. Shareholders
On July 30, 2015, United States District Judge Alvin K. Hellerstein approved a $400 million settlement obtained by Robbins Geller attorneys against Pfizer Inc. on the eve of the February 10, 2015 trial date.
Pfizer agreed to settle certain off-label marketing investigations in the early 2000s. Although Pfizer and its officers insisted publicly that the company itself did not engage in off-label promotion, Pfizer was alleged to have illegally promoted several of its own drugs off label to boost sales.
Robbins Geller attorneys and forensic accountants uncovered convincing evidence that Pfizer insiders were keenly aware of the enormous returns Pfizer earned through off-label promotion. In addition, the investigation revealed that Pfizer was aware that its actions would subject it to enormous fines, penalties, and exclusion from government programs. Despite these risks, Pfizer and its officers were alleged to have concealed from investors that Pfizer was earning substantial revenue from illegal promotion and was subject to an enormous government investigation into Pfizer’s off-label promotion of Bextra and other drugs. Ultimately, Pfizer agreed to pay a $2.3 billion fine to resolve the off-label marketing investigations.
As sole lead counsel, Robbins Geller helped achieve this exceptional result after five years of hard-fought litigation against the toughest and brightest members of the securities defense bar by litigating this case all the way to trial. As the Court noted at the final approval hearing: “Without the quality and the toughness that you have exhibited, our society would not be as good as it is with all its problems. So from me to you is a vote of thanks for devoting yourself to this work and doing it well.”
The Firm’s attorneys Michael J. Dowd, Jason A. Forge, Willow Radcliffe, Trig Smith, and Ryan Llorens obtained this settlement on behalf of the class.
Jones v. Pfizer Inc., No. 1:10-cv-03864-AKH (S.D.N.Y.).
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