BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Bristol-Myers Squibb Company (“Bristol-Myers” or the “Company”) (NYSE: BMY) securities between January 27, 2015 and October 9, 2016, inclusive (the “Class Period”). Bristol-Myers investors have until April 10, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Bristol-Myers investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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.
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, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (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 it did in the Company’s 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.
If you purchased shares of Bristol-Myers, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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