NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Bristol-Myers Squibb Company (“Bristol-Myers” or the “Company”) (NYSE:BMY) 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 firstname.lastname@example.org 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.
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