| Company: | Wyeth |
| Ticker Symbol: | NYSE: WYE |
| Class Period: | January 31, 2006 to July 24, 2007 |
| Date Filed: | Nov-15-07 |
| Lead Plaintiff Deadline: | Jan-11-08 |
| Court: | Southern District, NY |
| Allegations: |
A class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Wyeth ("Wyeth" or the "Company") (NYSE: WYE) securities between January 31, 2006 and July 24, 2007 (the "Class Period").
The complaint charges Wyeth and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Wyeth is a leading pharmaceutical company and maintains a large business in women's health care products. According to the complaint, from 2003 to 2006, Wyeth conducted Phase 3 clinical trials on its new drug, Pristiq, for postmenopausal symptoms of hot flashes and night sweats. In June 2006, Wyeth announced that it had submitted a New Drug Application ("NDA") to the Food and Drug Administration ("FDA") for this indication. The complaint alleges that defendants' statements regarding Pristiq were materially false and misleading when made because defendants concealed negative data regarding Pristiq's hepatic and cardiovascular effects. On July 24, 2007, Wyeth announced that it received an approvable letter from the FDA for Pristiq. In its letter, the FDA said that before the application could be approved, it would be necessary for Wyeth to provide additional data regarding the potential for serious adverse cardiovascular and hepatic effects associated with the use of Pristiq in this indication. The FDA requested that these data come from a randomized, placebo-controlled clinical trial of a duration of one year or more conducted in postmenopausal women. After the announcement of the FDA committee's decision, Wyeth's stock price dropped from $56 to $50.30 the next day.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges Wyeth and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Wyeth is a leading pharmaceutical company and maintains a large business in women's health care products. According to the complaint, from 2003 to 2006, Wyeth conducted Phase 3 clinical trials on its new drug, Pristiq, for postmenopausal symptoms of hot flashes and night sweats. In June 2006, Wyeth announced that it had submitted a New Drug Application ("NDA") to the Food and Drug Administration ("FDA") for this indication. The complaint alleges that defendants' statements regarding Pristiq were materially false and misleading when made because defendants concealed negative data regarding Pristiq's hepatic and cardiovascular effects. On July 24, 2007, Wyeth announced that it received an approvable letter from the FDA for Pristiq. In its letter, the FDA said that before the application could be approved, it would be necessary for Wyeth to provide additional data regarding the potential for serious adverse cardiovascular and hepatic effects associated with the use of Pristiq in this indication. The FDA requested that these data come from a randomized, placebo-controlled clinical trial of a duration of one year or more conducted in postmenopausal women. After the announcement of the FDA committee's decision, Wyeth's stock price dropped from $56 to $50.30 the next day.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
