SOURCE: Brower Piven, A Professional Corporation

July 10, 2010 15:33 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $1,000,000 From Investment in Wyeth to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the August 30, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - July 10, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of the common stock of Wyeth ("Wyeth" or the "Company") (NYSE: WYE) during the period between May 21, 2007 and July 29, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 30, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard. 

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company, during the Class Period, concealing material information and making false and misleading statements relating to Wyeth's most important pipeline drug, bapineuzumab, also known as AAB-001 (hereafter, "B-Mab"), including by improperly touting the success of clinical trial results relating to the safety and efficacy of B-Mab -- a potential billion-dollar-a-year Alzheimer's drug -- even though they had seen the preliminary results, and thus had knowledge that the trial was an abject failure, missing all clinical endpoints and demonstrating serious safety concerns. According to the complaint, when the full truth about the B-Mab clinical trial was revealed by the Company on July 29, 2008, the value of Wyeth shares declined significantly.

If you have suffered a net loss for all transactions in Wyeth common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact