Pfizer Says Denial of Class Action Is Upheld
From Bloomberg News
Pfizer Inc. said a California appeals court upheld denial of class-action status to a lawsuit by consumers who claim they were misled by advertising for the Rezulin diabetes drug.
The state Court of Appeal in Los Angeles backed the ruling by a trial judge last year that there aren’t enough common claims among more than 200,000 Rezulin users in the state to let them pursue the false-advertising suit as a group.
New York-based Pfizer faces 8,700 suits over Rezulin nationwide, according to the firm’s Securities and Exchange Commission filing.
Shares of Pfizer fell 65 cents to $31.16 on the NYSE.
