Pfizer to pay $700,000 to settle ‘deceptive advertising’ charges; stock drops to pace Dow losers

MarketWatch - MarketPulse

Pfizer Inc.
PFE, -2.56%
will pay over $700,000 to settle charges for “deceptive advertising,” according to a statement from New York Attorney General Barbara Underwood. Pfizer’s stock dropped 2.7% in morning trade, enough to pace the Dow Jones Industrial Average’s
DJIA, -0.40%
decliners. Pfizer’s payment includes over $200,000 in restitution for New York consumers and $500,000 in penalties, feels and costs. The company had promised consumers they would pay no more than a $15 to $20 for certain drugs, but many ended up spending far more than that. The stock was still up 16.5% over the past three months, while the SPDR Health Care Select Sector ETF
XLV, -0.97%
has gained 5.8% and the Dow has tacked on 3.2%.

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