Pomerantz LLP announces that a class action lawsuit has been filed
against Bristol-Myers Squibb Company (“Bristol-Myers” or the “Company”)
BMY, -2.29%
and certain of its officers. The class action, filed in
United States District Court, for the Southern District of New York, and
docketed under 18-cv-01611, is on behalf of a class consisting of
investors who purchased or otherwise acquired common shares of
Bristol-Myers between January 27, 2015 and October 9, 2016, both dates
inclusive (the “Class Period”). Plaintiff seeks to recover compensable
damages caused by Defendants’ violations of the federal securities laws
and to pursue remedies under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated
thereunder.
If you are a shareholder who purchased Bristol-Myers securities between
January 27, 2015, and October 9, 2016, both dates inclusive, you have
until April 10, 2018, to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and the number of shares purchased.
[Click
here to join this class action]
Bristol-Myers is a global biopharmaceutical company that develops,
licenses, manufactures, markets, and sells pharmaceutical and
nutritional products. Bristol-Myers products and experimental therapies
address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid
arthritis, hepatitis, organ transplant rejection, and psychiatric
disorders.
As of January of 2015, the Company’s CheckMate-026 study investigating
the use of Opdivo (nivolumab) monotherapy as first-line therapy in
patients with advanced non-small cell lung cancer (“NSCLC”) was underway.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose that:
(i) Bristol-Myers’ CheckMate-026 trial was more likely to fail than
Defendants were representing; (ii) Bristol-Myers’ CheckMate-026 trial
failed more severely than the Company indicated in its August 5, 2016,
announcements and disclosures concerning the trial; and (iii) as a
result, Bristol-Myers’s public statements were materially false and
misleading at all relevant times.
On August 5, 2016, the Company announced that its CheckMate-026 trial
investigating the use of Opdivo (nivolumab) as monotherapy had failed
because it did not meet its primary endpoint of progression-free
survival.
On this news, the Company’s stock price fell $12.04 per share, or 16%,
to close at $63.28 per share on August 5, 2016, on unusually heavy
trading volume. The stock price continued to fall on the next trading
day, declining another $2.98 per share, or 4.7%, on unusually heavy
trading volume, to close at $60.30 per share on August 8, 2016.
Even after the announcement of August 5, 2016, Bristol-Myers continued
to mislead the market before releasing the complete results of the
trial, claiming that the release of all of the trial data would
demonstrate the efficacy of Opdivo.
Then, on October 9, 2016, Bristol-Myers disclosed the final primary
analysis of CheckMate-026, including the finding that overall survival
was only 14.4 months for Opdivo versus 13.2 months for chemotherapy.
On this news, the Company’s stock price fell $5.62 per share, or 10.1%,
to close at $49.81 per share on October 10, 2016, on unusually heavy
trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and
Paris, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180407005003/en/
SOURCE: Pomerantz LLP
Pomerantz LLP
Robert S. Willoughby
rswilloughby@pomlaw.com
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