Securities litigation notice

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Copernicus
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Securities litigation notice

Post by Copernicus »

Received a mailing stating that I should fill out a form to qualify. Can anyone comment on how to assess authenticity of mailing, and whether it is a good idea to send information in the form? Thanks.
Details: Pfizer securities litigation settlement c/o Garden city group, LLC in Dublin, OH
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LadyGeek
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Re: Securities litigation notice

Post by LadyGeek »

Is this the website? Pfizer Inc. Securities Litigation Website

If so, the contact info is different than what you've indicated. I'd follow the website instructions instead.
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Topic Author
Copernicus
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Re: Securities litigation notice

Post by Copernicus »

Thanks, LadyGeek. You are correct; mine is a different notice/class action.
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Bogle_Feet
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Re: Securities litigation notice

Post by Bogle_Feet »

Securities litigation stuff to fill out and shareholder elections is one of the many reasons why I stopped owning individual stocks. I stick with index funds now.
Chicago60
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Re: Securities litigation notice

Post by Chicago60 »

Copernicus wrote:Received a mailing stating that I should fill out a form to qualify. Can anyone comment on how to assess authenticity of mailing, and whether it is a good idea to send information in the form? Thanks.
Details: Pfizer securities litigation settlement c/o Garden city group, LLC in Dublin, OH
There are multiple class actions against Pfizer. The Notice is most likely legitimate, but I cannot determine that from what you posted. If you provide the case caption (names of the parties, the case number, and the court where the case is pending--all of which will be on the first page), I can give you a definitive answer.
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Copernicus
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Re: Securities litigation notice

Post by Copernicus »

Chicago60 wrote:The Notice is most likely legitimate, but I cannot determine that from what you posted. If you provide the case caption (names of the parties, the case number, and the court where the case is pending--all of which will be on the first page), I can give you a definitive answer.
I am wondering whether such actions result into anything beneficial that can trickle down to the shareholder or, mostly used up in attorney and court costs. Here is their website.
http://www.pfizersecuritieslitigationsettlement.com/
SGM
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Re: Securities litigation notice

Post by SGM »

I have received these litigation notices over the years. I don't fill them out if I only had a few shares or if the purchases are so old I cannot find accurate information. The payouts are usually no more than one or two hundred dollars and more often less. Usually there is an estimate of how much the settlement will be per share.

Basically the litigation notices are a pain and hardly worth filling out most of the time.
Chicago60
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Re: Securities litigation notice

Post by Chicago60 »

Copernicus wrote:
Chicago60 wrote:The Notice is most likely legitimate, but I cannot determine that from what you posted. If you provide the case caption (names of the parties, the case number, and the court where the case is pending--all of which will be on the first page), I can give you a definitive answer.
I am wondering whether such actions result into anything beneficial that can trickle down to the shareholder or, mostly used up in attorney and court costs. Here is their website.
http://www.pfizersecuritieslitigationsettlement.com/
The Notice and Settlement are legit. Your share of the settlement will depend on numerous factors, including your damages at determined under the PSLRA, when you bought and sold, the number of shares you held, the number of class members who submit timely claims, and the fees/costs awarded by the court. Only you can determine whether it is worth your time to complete the paperwork. I always do; it is quite simple once you get your old tax returns and determine the dates of purchase and sales, and number of shares. In most large securities class actions, over 70-75% of the settlement funds gets distributed to the class members, who only have to complete a claim form in order to participate.
Faith20879
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Re: Securities litigation notice

Post by Faith20879 »

Hi Copernicus,

I also received the same forms. Looks like for each batch of shares involved, we'll have to provide documents. That's a lot of work.

As a comparison, I didn't do any work and received a whopping $2 ($1.74 to be exact) from the Janus lawsuit (for the thousands of dollars I lost under their management). My holding in PFZ is considerably smaller so I am going to sit this one out.

Chicago60, thanks for your explanation. Learned something new every day!
Chicago60
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Re: Securities litigation notice

Post by Chicago60 »

Faith20879 wrote:Hi Copernicus,

I also received the same forms. Looks like for each batch of shares involved, we'll have to provide documents. That's a lot of work.

As a comparison, I didn't do any work and received a whopping $2 ($1.74 to be exact) from the Janus lawsuit (for the thousands of dollars I lost under their management). My holding in PFZ is considerably smaller so I am going to sit this one out.

Chicago60, thanks for your explanation. Learned something new every day!
You are welcome. But....why do you say it would be a lot of work? If you sold your Pfizer at a loss (or gain, I suppose), the documents are no doubt included with your prior year tax returns. Really quite simple.

As for the Janus check, I am not aware of that case or settlement. Your $1.74 check may have had absolutely nothing to do with your claimed losses, but for some (other?) misconduct alleged.

And, there is absolutely no correlation between the 2 cases. Getting only $1.74 from the Janus case tells you nothing about what you are entitled to in the Pfizer case.
Faith20879
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Re: Securities litigation notice

Post by Faith20879 »

Hi Chicago60,

It is comparatively speaking.

I am assuming the refund would be in some ratio to the number of "victimized" shares, regardless the nature of the lawsuit.

I owned thousands of shares with Janus. Without having to fill any form or paperwork, the $2 just showed up in my mail box.

My stake in PFZ is small. The forms of the PFZ lawsuit have several sections that ask about the purchase time/share price of each lot going back to 2000. For each blank to be filled I also need to send in documents to prove. I image the postage I pay probably just cancels out whatever I am entitled to get.

Very unscientific I know, but its just my personal opinion.

Apology to OP, didn't mean to derail your discussion.
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Copernicus
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Re: Securities litigation notice

Post by Copernicus »

Faith20879 wrote: Apology to OP, didn't mean to derail your discussion.
Please don't apologize. I usually learn a lot more useful things from the free discussions on these boards than what I came in looking for!
Nicolas
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Re: Securities litigation notice

Post by Nicolas »

I just read my notice. They estimate the average settlement will be 13 cents per share purchased between 10/31/2000 and 12/16/2004 inclusive. (This is before any fees). I'm part of the class but they demand copies of brokerage statements (or equivalent) showing the dates, number of shares, and cost of each purchase. I bought my shares with Computershare in 44 separate purchases. I don't have the paper statements anymore and Computershare only makes them available online for the last two years. (I sold all shares in 2005). Their fee for back statements is $30 which is more than I can expect in the settlement.
Dottie57
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Re: Securities litigation notice

Post by Dottie57 »

I received the same notice, but I never owned individual shares. Only mutual funds.
Nicolas
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Re: Securities litigation notice

Post by Nicolas »

Faith20879 wrote:Hi Copernicus,

I also received the same forms. Looks like for each batch of shares involved, we'll have to provide documents. That's a lot of work.

As a comparison, I didn't do any work and received a whopping $2 ($1.74 to be exact) from the Janus lawsuit (for the thousands of dollars I lost under their management). My holding in PFZ is considerably smaller so I am going to sit this one out.

Chicago60, thanks for your explanation. Learned something new every day!
The ticker for Pfizer is PFE not PFZ.
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