Grant & Eisenhofer P.A. Announces Settlement of In re Pfizer Inc. Securities Litigation

NEW YORK, Oct. 6, 2016 /PRNewswire/ -- The following statement is being issued by Grant & Eisenhofer P.A. regarding the In re Pfizer Inc. Securities Litigation, No. 04-cv-9866 (LTS)(HBP)

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE PFIZER INC. SECURITIES LITIGATION
No. 04-cv-9866 (LTS)(HBP)
ECF CASE

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF SECURITIES CLASS ACTION, APPLICATION FOR ATTORNEYS' FEES AND EXPENSES, AND SETTLEMENT FAIRNESS HEARING

To: All persons and entities who purchased and/or otherwise acquired Pfizer Inc. ("Pfizer" or "PFE") common stock between and including October 31, 2000 and October 19, 2005 (the "Class").

Certain persons and entities are excluded from the definition of the Class as set forth in detail in the Stipulation and Agreement of Settlement dated August 26, 2016 (the "Settlement Agreement") and the Notice described below.

Please read this notice carefully.  If you are a member of the Class, your rights will be affected by a class action lawsuit pending in this Court, and you may be entitled to share in the Settlement described below.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that the parties in the above-captioned action (the "Action") have reached a proposed settlement for $486,000,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action. A hearing will be held on December 21, 2016 at 10:00 a.m., before the Honorable Laura Taylor Swain, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 12D, New York, NY 10007, for the purpose of determining (1) whether the Settlement should be approved by the Court as fair, reasonable, and adequate; (2) whether a Judgment should be entered by the Court dismissing the Action with prejudice; (3) whether the proposed Plan of Allocation is fair, reasonable, and adequate; and (4) whether the application of Plaintiffs' Counsel for an award of attorneys' fees and expenses and for reimbursement of Plaintiffs' costs and expenses in connection with the Action should be approved.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS ACTION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR PURCHASE OR ACQUISITION OF PFIZER COMMON STOCK DURING THE CLASS PERIOD.  If you have not received the detailed Notice and Claim Form regarding the proposed Settlement, you may obtain copies of these documents by contacting the Settlement Administrator, at Pfizer Securities Litigation Settlement, c/o Garden City Group, LLC, P.O. Box 10305, Dublin, OH 43017-5905, (888) 236-0464, or on the Internet at www.pfizersecuritieslitigationsettlement.com.  Other inquiries may be directed to Court-appointed Lead Counsel, Mary S. Thomas, Esq., Grant & Eisenhofer P.A., 123 Justison Street, Wilmington, DE 19801, (302) 622-7000. 

If you are a Class Member, in order to be eligible to share in the distribution of the net Settlement proceeds, you must submit a Claim Form postmarked no later than January 28, 2017, establishing that you are entitled to a recovery. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net Settlement proceeds, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a Class Member, you have the right to object to the proposed Settlement, the proposed Plan of Allocation, and/or the application of Plaintiffs' Counsel for an award of attorneys' fees and expenses and for reimbursement of Plaintiffs' costs and expenses.  Any objections must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than November 28, 2016, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Settlement Administrator as listed above.

Dated:  October 6, 2016

BY THE ORDER OF THE COURT:
United States District Court
for the Southern District of New York

SOURCE Grant & Eisenhofer P.A.