If you are an employee or former employee of Wyeth Company ("Wyeth" or "Company"), you may have a claim for violations of the Employee Retirement Income Security Act of 1974 as amended ("ERISA") if you maintained retirement income in the Wyeth Savings Plan or Wyeth Union Savings Plan (the "Plans") and the value of your retirement account dropped.
The claims involve a challenge to the selection and promotion of Wyeth common stock for investment of the Company's employees' retirement income in the Plans at a time when the trustees of the Wyeth Plans were directly aware that the financial and operating condition of the Company were being seriously damaged as a result of safety concerns associated with the drug, desvenlafaxine succinate, sold under the name "Pristiq."
When the value of the Wyeth stock dropped because of safety issues with Pristiq, the retirement Plans' values also dropped. The use of Wyeth stock by the fiduciaries of the Plans may have constituted breach of fiduciary duty to participants in the Plans. If you are an employee or former employee, you may wish to inquire about your rights with regard to these potential claims.
Wyeth ERISA Articles
Wyeth: Drug Company Faces ERISA LawsuitsAs a company, Wyeth is probably much more used to facing product liability lawsuits than ERISA lawsuits. However, an ERISA lawsuit is just what the company faces after the value of Wyeth stock dropped because of Pristiq safety issues. The drop in stock value allegedly caused a drop in the value of Wyeth retirement plans. Now, people who invested in the Wyeth Savings Plan and/or the Wyeth Union Savings Plan are considering a lawsuit against the company, alleging its actions violated ERISA laws.
Could New Wyeth Layoffs Spell Trouble for Wyeth 401k Members?
A new round of job cuts at Wyeth Pharmaceuticals announced yesterday adds further impetus for current, or former employees of Wyeth holding retirement funds in a Wyeth Savings Plan or Wyeth Union Savings Plan to investigate the possibility of an ERISA breach.
Wyeth Investors Lose Out to the Pristiq Fumble
Investors in Wyeth, and specifically holders and owners of Wyeth stock in 401(k) retirement plans may have incurred losses due to the alleged mishandling of the company's pending blockbuster drug Pristiq during the approval process. An unexpected delay in bringing the drug to market has been tagged "a disaster" by one financial analyst.
Wyeth: Did Pristiq Mis-Step Violate ERISA?
To be an employee, or a former employee of a drug company can serve to be a double-edged sword. While the billions of dollars major drug companies routinely rake in from sales of boffo drugs can have a positive impact on your stock holdings, the opposite can be true when a drug goes off the rails. To wit, participants in a Wyeth retirement plan or 401(k) plan may have incurred losses as the result of problems with Pristiq, a new drug coming to market to treat the effects of adult depression.
