Pfizer Shareholders Failed to Adequately Plead Demand Futility, Judge Says

NEW YORK - Pfizer Inc. shareholders failed to make a pre-suit demand on the company's board of directors and subsequently failed to adequately plead demand futility, a federal judge has ruled in dismissing shareholders' derivative action charging current and former Pfizer directors with concealing health risks associated with Celebrex and Bextra. In Re: Pfizer Inc. Derivative Securities Litigation, No. 04-10075 (S.D.N.Y.).

On July 17, Judge Richard Owen of the U.S. District Court for the Southern District of New York said that the shareholder plaintiffs failed to sufficiently allege that a majority of the 15 Board members who were directors when …