Pfizer facing spike of Lipitor lawsuits


Pfizer (NYSE:PFE) is facing an increasing amount of lawsuits by women who state that the pharmaceutical giant knew about the serious side effects of its anti-cholesterol drug Lipitor but never adequately warned the public.

Lawsuits began to be filed after the FDA in 2012 warned that Lipitor and other statins had been linked to a "small increased risk" of diabetes. In the last five months, lawsuits have shot up from 56 to almost 1,000.

The recent spike followed a decision by a federal judicial panel to consolidate all nationwide Lipitor diabetes lawsuits into a single Federal courtroom in Charleston, South Carolina. Pfizer opposed the consolidation, arguing it would promote copycat filings.

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