Paxil class action lawsuit filed

The problems with Paxil CR are not over yet for the drugmaker GlaxoSmithKline. After a FDA imposed Paxil CR recall of certain batches of the drug at one of its plants, the company is still struggling to get back on the tracks. Now comes the news that the shareholders are filing class action lawsuits against the company.

Stull, Stull, Brody and Schatz & Nobel are the two law firms taking the lead in filing these lawsuits. The plaintiffs are the purchasers of the publicly traded securities of GlaxoSmithKline between February 21, 2001 and August 5, 2004, inclusive (the “Class Period”). The complaint alleges that GlaxoSmithKline violated federal securities laws by issuing false or misleading public statements. Specifically, the Complaint alleges that GlaxoSmithKline improperly concealed deficiencies with its selective serotonin reuptake inhibitor (“SSRI”) drug, Paxil, in treating adolescent depression. On August 5, 2004, the Wall Street Journal published an article that reported that a new analysis by the FDA had confirmed the link between SSRIs (including Paxil) and suicidal tendencies in young people.

Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions.

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