Frequently Asked Questions
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|1.||WHY DID I RECEIVE THE NOTICE PACKAGE?|
The Notice is being sent to you pursuant to an Order of the Court because you or someone in your family or an investment account for which you serve as custodian may have purchased or acquired Pfizer common stock between and including October 31, 2000 and October 19, 2005. This Notice was sent because you have a right to know about the proposed Settlement of this Action, and about all of your rights and options, before the Court decides whether to approve the Settlement. This package explains the lawsuit, the Settlement, your legal rights, what benefits are available, who is eligible for them, and how to get them.
The Notice does not express any opinion by the Court concerning the merits of any claim in the Action, and the Court still has to decide whether to approve the Settlement. If the Court approves the Settlement, payments to Authorized Claimants will be made after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process can take some time to complete.
|2.||WHY IS THE ACTION A CLASS ACTION?|
A class action is a type of lawsuit in which one or several individuals or entities prosecute claims on behalf of all members of a group of similarly-situated individuals and entities to obtain monetary or other relief for the benefit of the entire group, known as a class. Class actions avoid the necessity of each member of a class having to file a separate lawsuit to obtain relief. Class actions are used to decide legal and factual issues that are common to all members of a class. The Court in charge of this Action is the United States District Court for the Southern District of New York. The Judge presiding over the Action is The Honorable Laura Taylor Swain, United States District Judge. If the Settlement is approved, it will resolve all claims in the Action by Class Members against the Defendants.
In this Action, the Court found that the elements necessary for a class action are satisfied and, by Order dated March 29, 2012, as amended by Order dated April 6, 2012, the Court certified the Action as a class action on behalf of a class of purchasers and acquirers of Pfizer common stock. A description of who is in the Court-certified Class is set forth in response to FAQ No. 5 below. The Class Notice was previously mailed to potential Class Members and a related summary notice was published. The Court set a deadline of September 9, 2012 for any Class Member to request exclusion from the Class. The Court has ordered that no second opportunity for requesting exclusion be allowed. Those persons and entities that previously submitted a valid request for exclusion from the Class are listed on Exhibit C to the Settlement Agreement and shall be automatically excluded from the Settlement without any further action on their part.
|3.||WHAT IS THE ACTION ABOUT?|
Beginning in December 2004, several putative securities fraud class actions were filed against Pfizer and certain of its officers and directors for allegedly violating Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5. By Order dated October 21, 2005, the Court consolidated these actions and appointed Teachers’ Retirement System of Louisiana as Lead Plaintiff pursuant to the Private Securities Litigation Reform Act of 1995. The Court also designated Grant & Eisenhofer P.A. as Lead Counsel for the Class.
On February 16, 2006, Lead Plaintiff filed its Consolidated Class Action Complaint (the “Complaint”). The Complaint alleged, among other things, that Pfizer and the Individual Defendants, who were officers or employees of Pfizer, made materially false and misleading statements and omitted material information from Pfizer’s public reports and documents about the cardiovascular risks associated with two drugs, Celebrex and Bextra. As a result of these misrepresentations and omissions, Plaintiffs alleged that the price of Pfizer common stock during the Class Period was artificially inflated. Plaintiffs alleged that once the truth about these cardiovascular risks began to emerge, the price of Pfizer common stock declined in value and Class Members suffered losses. Plaintiffs also alleged that three former officers and/or directors of Pfizer sold shares of Pfizer stock during the Class Period while in possession of material information about the cardiovascular safety of Celebrex and Bextra that was not disclosed to the public. The Complaint asserted claims under several provisions of the Exchange Act as well as state securities and fraud law.
Pfizer and the Individual Defendants moved to dismiss the Complaint on May 5, 2006. The motion and the Action were thereafter reassigned to Judge Swain on February 22, 2008. By Order dated July 1, 2008, the Court granted in part and denied in part the motion to dismiss (the “Motion to Dismiss Opinion”). The Court dismissed Plaintiffs’ claims for common law fraud, violations of state securities laws, and Section 18 of the Exchange Act but allowed Plaintiffs to continue litigating their claims for violations of Sections 10(b), 20(a), and 20A of the Exchange Act.
On July 16, 2008, Pfizer and the Individual Defendants filed a motion for reconsideration of certain portions of the Court’s Motion to Dismiss Opinion. The Court denied this request by Order dated September 4, 2008.
Pfizer and the Individual Defendants answered the Complaint on September 15, 2008. In their answer, Pfizer and the Individual Defendants denied Plaintiffs’ legal claims. In particular, Pfizer and the Individual Defendants denied that any of them made material misstatements relating to Celebrex or Bextra’s cardiovascular safety or omitted alleged material facts about those issues. They also denied that any of them acted recklessly or with intent to defraud Pfizer’s shareholders, as is required to find a violation of the federal securities provisions at issue. Pfizer and the Individual Defendants further denied that they caused Plaintiffs’ economic losses.
Thereafter, at Defendants’ request, the Court directed the parties to conduct discovery to determine whether reliable scientific evidence existed to show that Celebrex or Bextra was associated with increased cardiovascular risk. The parties exchanged expert reports on these scientific issues and, pursuant to Rule 702 of the Federal Rules of Evidence, the Court held a five-day Daubert hearing in October 2009. Each of the parties asked the Court to preclude the other side from offering the opinion testimony of their experts. Following the Daubert hearing, the Court denied the parties’ respective motions, refusing to exclude any experts.
Thereafter, the parties commenced discovery on all aspects of the case. The parties conducted over 60 depositions of fact and expert witnesses and have exchanged tens of millions of pages of documents.
On March 16, 2011, Lead Plaintiff filed a motion for class certification, which Pfizer and the Individual Defendants opposed on November 22, 2011.
While Lead Plaintiff’s motion for class certification was pending, Pfizer and the Individual Defendants again moved the Court for reconsideration of the Motion to Dismiss Opinion. By Order dated March 22, 2012, the Court denied this second motion for reconsideration.
During the same time, Lead Plaintiff moved the Court for leave to file an amended complaint. The Court granted Lead Plaintiff’s motion on March 22, 2012. Lead Plaintiff filed the Amended Consolidated Class Action Complaint on March 27, 2012 (the “Amended Complaint”).
On March 29, 2012, the Court issued its Opinion and Order granting Lead Plaintiff’s motion for class certification. On April 6, 2012, the Court issued its Amended Order Granting Motion for Class Certification. By Order dated July 3, 2012, the Court approved the form and manner of notifying the Class of the pendency of the Action as a class action, and thereafter, the Class Notice was mailed to potential members of the Class.
On May 10, 2012, Pfizer and the Individual Defendants answered the Amended Complaint.
On July 2, 2012, Pfizer and the Individual Defendants moved for summary judgment. On March 28, 2013, the Court granted in part and denied in part Defendants’ motion for summary judgment.
In 2013, as the parties were preparing for trial, they made numerous pre-trial motions, including motions to narrow the issues to be tried and to exclude the testimony of various witnesses. One such motion was a motion by Pfizer and the Individual Defendants to exclude the testimony of Plaintiffs’ loss causation and damages expert witness, Daniel R. Fischel. On May 22, 2014, the Court granted this motion. On July 8, 2014, the Court denied Plaintiffs’ leave to amend the expert report of Daniel R. Fischel and granted summary judgment to all Defendants. On July 9, 2014, the Court entered judgment in favor of Defendants and dismissed the Action.
On August 7, 2014, Plaintiffs noticed their appeal to the United States Court of Appeals for the Second Circuit (“Second Circuit”) with respect to, inter alia, the Court’s grant of summary judgment to Defendants. On April 12, 2016, the Second Circuit issued a decision reversing the Court’s grant of summary judgment to Defendants. On May 10, 2016, Defendants filed in the Second Circuit a petition for rehearing and rehearing en banc (the “Rehearing Petition”). The Second Circuit has not issued a decision on the Rehearing Petition.
Following extensive negotiations, the Parties reached an agreement-in-principle to resolve the Action on July 18, 2016, and thereafter, filed a joint motion for limited remand of the appeal, without prejudice pending approval of the Parties’ proposed Settlement and to hold the pending Rehearing Petition in abeyance.
On July 27, 2016, the Second Circuit issued an order for a limited remand of the case to the district court so that the district court may consider the proposed Settlement, with the pending Rehearing Petition to be held in abeyance pending final approval of the proposed Settlement.
On August 26, 2016, the Parties entered into the Settlement Agreement setting forth the terms and conditions of the Settlement. The Settlement Agreement can be viewed on the Settlement Agreement page of this website.
On September 16, 2016, the Court preliminarily approved the Settlement, authorized this Notice to be disseminated to potential Class Members, and scheduled the Final Approval Hearing to consider whether to grant final approval to the Settlement.
Defendants have denied and continue to deny all of the claims and contentions alleged by Plaintiffs in the Action. Defendants deny any improper conduct or violation of the federal securities laws or any other laws or regulations and assert that they are settling the Action solely to avoid the burden and expense of further litigation. Defendants also have denied and continue to deny that Plaintiffs or the Class have suffered any damage; that the price of Pfizer common stock was artificially inflated by reason of alleged misrepresentations, non-disclosures or otherwise; that Plaintiffs or the Class were harmed by the conduct alleged in the Action; or that Defendants knew or were reckless with respect to the alleged misconduct. Defendants maintain that they have meritorious defenses to all claims alleged in the Action and believe that the evidence developed supports their position that they acted properly at all times and that the Action is without merit.
|4.||WHY IS THERE A SETTLEMENT?|
The Settlement is the result of extensive arm’s-length negotiations among Lead Counsel and counsel for Defendants following more than twelve years of vigorous and hard-fought litigation. Plaintiffs believe that the claims asserted in the Action have merit and that the evidence supports the claims. However, Plaintiffs and Lead Counsel recognize and acknowledge the expense and length of continued proceedings necessary to prosecute the Action against Defendants through trial and appeals. Plaintiffs and Lead Counsel have also taken into account the uncertain outcome and risk of any litigation, especially in complex cases such as this. Among other things, Plaintiffs and Lead Counsel have taken into account that Defendants’ Rehearing Petition remains pending in the Second Circuit, and that if Defendants were successful on that Petition, the Action could be dismissed and there could be no recovery for the Class whatsoever. Plaintiffs and Lead Counsel are also mindful of the inherent problems of proof and possible defenses to the securities law violations alleged in the Action. Plaintiffs and Lead Counsel believe that the Settlement confers substantial benefits upon the Class. Based on their evaluation, Plaintiffs and Lead Counsel have determined that the Settlement is in the best interests of the Class.
|5.||HOW DO I KNOW IF I AM AFFECTED BY THE SETTLEMENT?|
If you are a Class Member, you are subject to the Settlement unless you are excluded from the Class as set forth below. The Class consists of:
- All persons or entities who purchased and/or otherwise acquired Pfizer common stock between and including October 31, 2000 and October 19, 2005, with the exception of:
- A subclass consisting of all persons or entities in the Main Class, not otherwise excluded, who purchased Pfizer common stock contemporaneously with the sale of Pfizer common stock by Individual Defendants Henry A. McKinnell, Karen L. Katen and John L. LaMattina on any of the following dates: October 26, 2000, November 6, 2000, October 19, 2001, October 23, 2001, February 21, 2002, February 25, 2002, February 27, 2003, November 18, 2003, February 24, 2005, May 6, 2005, May 10, 2005 or August 16, 2005 (the “20A Subclass”).
Also excluded from the Class are the persons and entities identified on Exhibit C to the Settlement Agreement. These are the investors who validly opted out of the Class in connection with the Class Notice disseminated in 2012 and were not previously accepted back into the Class.
(1) any persons or entities who both purchased and sold all of their shares of Pfizer common stock between and including October 31, 2000 and October 6, 2004; (2) Pfizer and the Individual Defendants; (3) members of the immediate family of each of the Individual Defendants; (4) subsidiaries or affiliates of Pfizer or any of the Individual Defendants; (5) any person or entity who is, or was during the Class Period, a partner, officer, director, employee or controlling person of Pfizer or any of the Individual Defendants; (6) any entity in which any of the Individual Defendants has a controlling interest; (7) the legal representatives, heirs, successors or assigns of any of the excluded persons or entities specified in this paragraph; and (8) the insurance carriers or their affiliates who insure the Defendants (the “Main Class”); and
PLEASE NOTE: RECEIPT OF THE NOTICE DOES NOT MEAN THAT YOU ARE A CLASS MEMBER OR THAT YOU WILL BE ENTITLED TO RECEIVE PROCEEDS FROM THE SETTLEMENT. IF YOU ARE A CLASS MEMBER AND YOU WISH TO BE POTENTIALLY ELIGIBLE TO PARTICIPATE IN THE DISTRIBUTION OF PROCEEDS FROM THE SETTLEMENT, YOU ARE REQUIRED TO SUBMIT THE CLAIM FORM THAT IS BEING DISTRIBUTED WITH THE NOTICE AND THE REQUIRED SUPPORTING DOCUMENTATION AS SET FORTH THEREIN POSTMARKED NO LATER THAN JANUARY 28, 2017.
|6.||I’M STILL NOT SURE IF I AM INCLUDED IN THE CLASS.|
If you are still not sure whether you are included, you can ask for free help. You can call Lead Counsel, Grant & Eisenhofer P.A., at 302-622-7000 or the Settlement Administrator, at 888-236-0464 for more information. Or you can fill out and return the Claim Form described in FAQ No. 10, to see if you qualify.
|7.||WHAT DOES THE SETTLEMENT PROVIDE?|
The full terms and provisions of the Settlement are set forth in the Settlement Agreement, which can be viewed on the Settlement Agreement page of this website.
The Settlement will result in the creation of a cash settlement fund in the principal amount of $486,000,000, plus any interest that may accrue thereon.
The Settlement Fund, subject to deduction for, among other things, the expense of class notice and administration of the Settlement, taxes and tax-related expenses and for attorneys’ fees and expenses as approved by the Court, will be available for distribution to Class Members.
|8.||WHAT CLAIMS WILL BE RELEASED BY THE SETTLEMENT?|
If you are a Class Member, you will be bound by any orders and judgments issued by the Court. If the Settlement is approved, the Court will enter the Judgment. The Judgment will dismiss with prejudice the claims against Defendants and will provide that, upon the Effective Date of the Settlement, Plaintiffs and all other Class Members, on behalf of themselves and their other Releasors (as defined below), for good and sufficient consideration, shall be deemed to have, and by operation of law and the Judgment shall have, fully, finally and forever released, relinquished, settled, and discharged all Released Plaintiffs’ Claims (as defined below) against each and every one of the Releasees (as defined below), except to the extent otherwise specified in the Settlement Agreement.
* “Claim” or “Claims” means any and all claims, losses, rights, actions, causes of action, proceedings, adjustments, executions, offsets, contracts, judgments, obligations, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, variances, covenants, trespasses, damages, demands (whether written or oral), agreements, promises, liabilities, controversies, costs, expenses, attorneys’ fees, matters and issues of any sort whatsoever, whether in law, in admiralty or in equity, and whether based on a United States federal, state or foreign statutory or common-law right of action or otherwise, foreseen or unforeseen, matured or unmatured, known or unknown, accrued or not accrued, existing now or to be created in the future, including “Unknown Claims” (as defined below).
* “Released Plaintiffs’ Claims” means any and all Claims arising from or related in any way to both (i) the purchase of Pfizer Inc. common stock during the Class Period and (ii) the acts, facts, statements or omissions that have been, could have been, or could be alleged by Plaintiffs in the Action, including any and all Claims and claims, demands, losses, rights, causes of action, liabilities, obligations, judgments, suits, matters and issues of any kind or nature whatsoever, whether known or unknown, contingent or absolute, suspected or unsuspected, disclosed or undisclosed, that have been, could have been, or could be asserted in the Action or in any court, tribunal, forum or proceeding (including, but not limited to, any claims arising under federal, state or foreign law, common law, statute, rule or regulation relating to alleged fraud, breach of any duty, negligence, violations of the federal securities laws, or otherwise and including all claims within the exclusive jurisdiction of the federal courts), whether individual or class, which Plaintiffs or any member of the Class, or their legal representatives, heirs, executors, administrators, predecessors, successors in interest, transferees and assignees, ever had, now have, or hereafter can, shall, or may have had, except claims to enforce the Settlement.
* “Releasee” means each and every one of, and “Releasees” means all of, Pfizer and the Individual Defendants, any of the Individual Defendants’ immediate family members, any of Defendants’ parent entities, business units, business divisions, associates, affiliates or subsidiaries and each and all of their past, present, or future officers, directors, stockholders, employees, attorneys, financial or investment advisors, consultants, accountants, investment bankers, commercial bankers, insurers, engineers, other professionals, advisors or agents, heirs, executors, trustees, general or limited partners or partnerships, personal representatives, estates, administrators, and each of their respective predecessors, successors, and assigns.
* “Releasor” means each and every one of, and “Releasors” means all of, (i) Plaintiffs, (ii) all other Class Members, and (iii) their respective legal representatives, heirs, executors, administrators, predecessors, successors in interest, transferees and assignees, in their capacities as such.
* “Unknown Claims” means any and all (i) Released Plaintiffs’ Claims that any Releasor does not know or suspect exists with respect to one or more Releasees at the time of the release of the Releasees or (ii) Released Defendants’ Claims that any Releasee does not know or suspect exists with respect to one or more Releasors at the time of the release of the Releasors, which, if known by such Releasee or Releasor (as the case may be) might have affected his, her or its decision(s) concerning the Settlement. As to all Claims released by the Settlement Agreement, the Parties stipulate and agree that, upon the Effective Date of the Settlement, each of the Parties expressly waives, and each Class Member shall be deemed to have waived, and by operation of the Order Approving Settlement and Final Judgment shall have expressly waived, any and all provisions, rights and benefits conferred by any law of any state or territory of the United States or of any other country, or any principle of federal or common law, that is similar, comparable or equivalent to California Civil Code Section 1542, which provides:
A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.
The Parties acknowledge, and all other Class Members by operation of law shall be deemed to have acknowledged, that the inclusion of Unknown Claims in the Claims released pursuant to the Settlement Agreement was separately bargained for and is a key element of the Settlement Agreement.
|9.||HOW MUCH WILL MY PAYMENT BE IN THE SETTLEMENT?|
At this time, it is not possible to make any determination as to how much any individual Class Member may receive from the Settlement. If you are a Class Member, your share of the Net Cash Settlement Amount will depend on the number of valid Claim Forms that Class Members submit, and how many shares of Pfizer common stock you purchased, acquired, and sold during the Class Period, and when you purchased, acquired, and sold such shares.
Appendix A to this Notice sets forth the Plan of Allocation for allocating the Net Cash Settlement Amount among Authorized Claimants, as proposed by Plaintiffs and Lead Counsel. The Court may modify the Plan of Allocation, or approve a different plan of allocation, without further notice to the Class.
|10.||HOW CAN I RECEIVE A PAYMENT IN THE SETTLEMENT?|
To be potentially eligible to receive a payment from the Settlement, you must be an eligible Class Member and you must timely complete and return a Claim Form with adequate supporting documentation. Read the instructions in the Claim Form carefully, fill out the Claim Form, include the documents the Claim Form asks for, sign it, and mail it, postmarked no later than January 28, 2017, to:
c/o Garden City Group, LLC
P.O. Box 10305
Dublin, OH 43017-5905
If you are excluded from the Class by definition or you are listed on Exhibit C of the Settlement Agreement, or if you do not submit a timely and valid Claim Form, you will not be eligible to share in the Net Cash Settlement Amount.
In addition, please note, in connection with Defendants’ summary judgment motion, the Court ruled that the full extent of the truth was in the public domain as of the end of the day on December 19, 2004 and that Plaintiffs identified no loss-causing risk information disclosure after December 19, 2004. In addition, based upon the Court’s ruling, it also became clear that any Pfizer common stock purchased or otherwise acquired on December 17, 2004 and December 18, 2004 did not incur a loss attributable to the allegedly misrepresented information. As a result, if you purchased or otherwise acquired shares of Pfizer common stock on any date after December 16, 2004, you will not receive any recovery resulting from such purchases or acquisitions.
|11.||WHEN WILL I RECEIVE MY PAYMENT IN THE SETTLEMENT?|
The Court will hold a hearing on December 21, 2016 to decide whether to approve the Settlement. If the Court approves the Settlement, there may be appeals. It is always uncertain when these appeals will be resolved, and resolving them can take time, perhaps more than a year. Even if no appeals are filed, it will take time for the Settlement Administrator to process all of the Claim Forms and determine the ultimate distribution amounts. Please be patient.
|12.||WHAT AM I GIVING UP TO RECEIVE A PAYMENT IN THE SETTLEMENT?|
All Class Members will be bound by the release of Claims against the Defendants. That means that you cannot sue, continue to sue, or be part of any other lawsuit against the Defendants about the Released Plaintiffs’ Claims in this case. It also means that all of the Court’s orders will apply to you and legally bind you and you will release your Claims in this case against the Defendants. See FAQ No. 8 above. Note: If you object, but the Court approves the Settlement, you will be bound by the terms of the Settlement in the same way as members of the Class who do not object.
|13.||DO I HAVE A LAWYER IN THE ACTION?|
The court appointed the law firm of Grant & Eisenhofer P.A. to represent you and other Class Members. These lawyers are called Lead Counsel. You will not be personally liable for the fees and expenses incurred by these lawyers. Any attorneys’ fees and expenses awarded to Lead Counsel, on behalf of Plaintiffs’ Counsel, will be paid from the Settlement Fund. If you want to be represented by your own lawyer, you may hire one at your own expense.
|14.||HOW WILL THE LAWYERS BE PAID?|
Before final approval of the Settlement, Lead Counsel, on behalf of Plaintiffs’ Counsel, will formally move the Court for an award of attorneys’ fees in an amount not to exceed 30% of the Settlement Fund and for expenses paid or incurred in the Action in an amount not to exceed $25 million, plus interest. In addition, Plaintiffs may seek reimbursement of up to an aggregate amount not to exceed $100,000 for their reasonable costs and expenses incurred in representing the Class. Such sums as may be approved by the Court will be paid from the Settlement Fund. Class Members are not personally liable for any such fees or expenses.
The attorneys’ fees and expenses requested will be the only payment to Plaintiffs’ Counsel for their efforts in achieving this Settlement and for their risk in undertaking this representation on a wholly contingent basis. Plaintiffs’ Counsel have been litigating this case for over twelve years without any compensation while simultaneously being at risk of losing everything, including tens of millions of dollars in expenses incurred on behalf of the Class and a lodestar in excess of $100 million resulting from well over 200,000 hours spent prosecuting this Action. The attorneys’ fees requested will compensate Plaintiffs’ Counsel for their work in achieving the Settlement.
|15.||WHAT HAPPENS IF I DO NOTHING AT ALL?|
If you fail to submit a valid Claim Form, you will receive no money from the Settlement. You will nevertheless be bound by the Releases in the Settlement, and you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Defendants or the other Releasees for the Claims released by the Settlement ever again.
|16.||HOW DO I NOTIFY THE COURT THAT I DO NOT LIKE THE SETTLEMENT, THE PLAN OF ALLOCATION, OR THE REQUESTS FOR ATTORNEYS’ FEES AND EXPENSES?|
If you are a Class Member you can object to the Settlement of the Action, the proposed Plan of Allocation, the request for attorneys’ fees and expenses to Plaintiffs’ Counsel and/or the request for reimbursement of Plaintiffs’ costs and expenses. To object, you must send a letter saying that you are a Class Member and that you object to the Settlement, and stating the reasons why you object, including any legal and evidentiary support you wish to bring to the Court’s attention. You should also include the name of the case: In re Pfizer Inc. Securities Litigation, Case No. 04-cv-9866 (LTS)(HBP) (S.D.N.Y.). Your objection must include: (i) your name, address, telephone number, and your signature and (ii) documents sufficient to prove your membership in the Class, including the number of shares of Pfizer common stock that you purchased, acquired and/or sold during the Class Period, as well as the dates and prices of each such purchase, acquisition and sale. You must file any written objection, together with copies of all other papers and briefs supporting the objection, with the Clerk’s Office at the United States District Court for the Southern District of New York at the address set forth below on or before November 28, 2016. You must also serve your objection on the designees for Lead Counsel and Defendants’ Counsel at the addresses listed below, so that it is received no later than November 28, 2016.
|Clerk’s Office||Lead Counsel Designee||Defendants’ Counsel Designee||United States District Court Southern District of New York Clerk of the Court United States Courthouse 500 Pearl Street New York, NY 10007||Mary S. Thomas, Esq. Grant & Eisenhofer P.A. 123 Justison Street Wilmington, DE 19801||Lynn K. Neuner, Esq. Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York, NY 10017|
|17.||WHEN AND WHERE WILL THE COURT DECIDE WHETHER TO APPROVE THE SETTLEMENT AND THE REQUESTED ATTORNEYS’ FEES AND EXPENSES?|
The Court will hold the Final Approval Hearing on December 21, 2016 at 10:00 a.m., at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, with the Honorable Laura Taylor Swain presiding. At this hearing the Court will consider whether the Settlement and the Plan of Allocation are fair, reasonable and adequate and in the best interests of the Class, and whether Lead Counsel’s request for an award of attorneys’ fees and expenses to Plaintiffs’ Counsel and the request for reimbursement of costs and expenses to Plaintiffs should be granted. If there are written objections to the Settlement, the Court will consider them at this hearing. The Court will also permit people to speak who have asked in writing by the appropriate deadline.
You should be aware that the Court may change the date and time of the Final Approval Hearing without another notice being sent to Class Members. If you want to attend the Final Approval Hearing, you should check with Lead Counsel or visit this website beforehand to be sure that the date and/or time of the hearing have not changed.
|18.||DO I HAVE TO COME TO THE HEARING?|
No. Lead Counsel will answer any questions the Court may have, but you are welcome to come at your own expense. If you send an objection, you do not have to come to the Final Approval Hearing to talk about it. As long as you mailed your written objection on time, the Court will consider it. You may also pay your own lawyer to attend, but it is not necessary.
|19.||MAY I SPEAK AT THE HEARING IF I DON’T LIKE THE SETTLEMENT?|
You may ask the Court for permission to speak at the Final Approval Hearing. To do so, you must send a letter stating that you are a Class Member, that it is your intention to appear in person at the Final Approval Hearing, that you object to some part of the Settlement in In re Pfizer Inc. Securities Litigation, Case No. 04-cv-9866 (LTS)(HBP) (S.D.N.Y.), and the reasons why you object. You must also follow all of the instructions set forth in Question No. 16 above regarding demonstrating Class membership.
Your notice of intention to appear must be filed with the Clerk’s office and served on the designees for Lead Counsel and Defendants’ Counsel, at the addresses listed in FAQ No. 16 above, so that it is received no later than November 28, 2016.
You may file a written objection without having to appear at the Final Approval Hearing. You may not, however, appear at the Final Approval Hearing to present your objection unless you first file and serve a written objection in accordance with the procedures described above, unless the Court orders otherwise.
|20.||ARE THERE MORE DETAILS ABOUT THE SETTLEMENT?|
The Notice provides only a summary of the Settlement. For the precise terms and conditions of the Settlement, please see the Stipulation of Settlement and Release. Additional information regarding the Settlement can also be obtained by contacting Lead Counsel:
Grant & Eisenhofer P.A.
123 Justison Street
Wilmington, DE 19801
c/o Garden City Group, LLC
P.O. Box 10305
Dublin, OH 43017-5905