NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Bristol-Myers Squibb Company (NYSE:BMY) who purchased shares between January 27, 2015 and October 9, 2016. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) that Bristol-Myers' CheckMate-026 trial was more likely to fail than Defendants were representing; (2) that Bristol- Myers' CheckMate-026 trial failed more severely than the Company indicated in its August 5, 2016 announcements and disclosures; and (3) that, as a result of the foregoing, Defendants' statements about Bristol-Myers' business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
On August 5, 2016, Bristol-Myers revealed that its CheckMate-026 trial exploring the use of Opdivo (nivolumab) as monotherapy failed to meet its primary endpoint of progression-free survival. Following this news, Bristol-Myers stock fell 16% to close at $63.28 per share on August 5, 2016. Then on October 9, 2016, Bristol-Myers revealed the final primary analysis of CheckMate-026, and that the overall Opdivo survival was only 14.4 months compared to chemotherapy's 13.2 months. Following this news, Bristol-Myers stock dropped over 10%, to close at $49.81 per share on October 10, 2016.
Shareholders have until April 10, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/bristol-myers-squibb-company?wire=2.
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.