NEW YORK (TheStreet) -- Shares of Pfizer Inc. (PFE) are slightly lower in pre-market trade as the pharmaceutical company faces a growing number of lawsuits by women who allege that the company knew about possible serious side effects of its blockbuster anti-cholesterol drug Lipitor but never properly warned the public, Reuters reports.
In the past five months, a Reuters review of federal court filings shows, lawsuits by U.S. women who say that taking Lipitor gave them type-2 diabetes have jumped to about 1,000 from 56.
Lawsuits began to be filed not long after the FDA in 2012 warned that Lipitor and other statins had been linked to incidents of memory loss and a "small increased risk" of diabetes, Reuters said.
According to plaintiffs' lawyers, women face a higher risk than men of developing diabetes from using Lipitor, and gain fewer benefits.
TheStreet Ratings team rates PFIZER INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PFIZER INC (PFE) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its expanding profit margins over time. We feel these strengths outweigh the fact that the company has had sub par growth in net income."