In December 2004, Philip Morabito sued Pfizer and Henry A. McKinnell, then Pfizer's board chair and chief executive officer, alleging two claims under the Securities and Exchange Act of 1934. On or about March 27, 2012, an amended complaint was filed that alleged that Pfizer and the individual defendants had made false representations and omissions regarding the cardiovascular risks associated with two of Pfizer's drugs: Celebrex and Bextra. (Photo: Daniel Acker/Bloomberg) In December 2004, Philip Morabito sued Pfizer and Henry A. McKinnell, then Pfizer's board chair and chief executive officer, alleging two claims under the Securities and Exchange Act of 1934. In 2012, an amended complaint was filed that alleged that Pfizer and the individual defendants had made false representations and omissions regarding the cardiovascular risks associated with two of Pfizer's drugs: Celebrex and Bextra. (Photo: Daniel Acker/Bloomberg)

A Delaware court has ruled that exclusions in insurance policies issued to Pfizer Inc. did not preclude coverage for the $568 million it agreed to pay to settle a securities fraud class action.

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The case

In December 2004, Philip Morabito sued Pfizer and Henry A. McKinnell, then Pfizer's board chair and chief executive officer, on behalf of those who purchased Pfizer's common stock between November 1, 2000 and December 16, 2004 (class period). The suit alleged two claims under the Securities and Exchange Act of 1934: violations of Section 10(b) and Section 20(a) of the 1934 Act and the rules promulgated thereunder.

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Steven A. Meyerowitz

Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].