Federal Judge Certifies Investor Class in Celebrex Labeling Dispute

TRENTON, N.J. - A federal judge has certified a class of investors who claim that false promotion of Celebrex's perceived gastrointestinal advantages artificially inflated the price of Pharmacia Corp.'s common stock. Alaska Electrical Pension Fund, et al. v. Pharmacia Corp., et al., No. 03-1519 (D. N.J.).

On Jan. 22, Judge Anne E. Thompson of the U.S. District Court for the District of New Jersey ruled that the alleged misrepresentations are material and, therefore, the plaintiffs' reliance is presumed and their claims satisfy the 'typicality' requirement for class certification.

The class action arises from defendants' efforts to change the labeling of …