Third Circuit dismisses securities class action lawsuit against Pfizer

PHILADELPHIA (Legal Newsline) – The U.S. Appeals Court for the Third Circuit has ruled that a district court appropriately dismissed a lawsuit against Pfizer and Wyeth that alleged they made false and misleading statements regarding trials for an Alzheimer’s drug.

City of Edinburgh Council, as administering authority for the Lothian Pension Fund, and ARCA S.G.R.S.P.A. claimed that Pfizer Inc. and Wyeth all made false and misleading statements about a possible Alzheimer’s drug that was going through phase trials.