Celebrex, Bextra Class Action Case Against Pfizer Resurfaces

A federal court panel has resurrected a class action lawsuit against Pfizer that alleges the drug giant deceived shareholders by downplaying cardiovascular risks linked to Celebrex and Bextra.

The U.S. Circuit Court of Appeals for the Second Circuit ruled that a lower court judge erred in her determination that the pharma titan was not accountable for the misleading statements related to the safety of Celebrex and Bextra made by G.D. Searle and Pharmacia Corporation, the former manufacturers of the drugs.

The suit alleges that between Oct. 31, 2000 and Oct. 19, 2005, Pfizer issued fraudulent press releases and did not disclose information regarding the safety of the two pain drugs.