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Bristol-Myers Squibb Co (NYSE: BMY) Investor Securities Class Action Lawsuit 02/09/2018

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Lawsuit Overview

Case Dismissed
Company
Bristol-Myers Squibb Co.
Security
NYSE: BMY

Case Name
Bristol-Myers Squibb Co. Shareholder Class Action Lawsuit 02/09/2018
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 29, 2020 - A notice appealing the court's dismissal order was filed.

September 30, 2020 - The court granted the defendants' motion to dismiss. The case was dismissed with prejudice.

December 13, 2019 - A motion to dismiss the second amended consolidated was filed.

October 29, 2019 - A second amended consolidated complaint was filed.

September 30, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

September 10, 2018 - A motion to dismiss the amended consolidated complaint was filed.

July 16, 2018 - A consolidated amended complaint was filed.

April 25, 2018 - The case was transferred to the U.S. District Court for the Southern District of New York.

February 9, 2018 - An investor in shares of Bristol-Myers Squibb Co (NYSE: BMY) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Bristol-Myers Squibb Co in connection with certain allegedly false and misleading statements made between January 27, 2015 and October 9, 2016.

New York based Bristol-Myers Squibb Co is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products.

On August 5, 2016, Bristol-Myers Squibb Co 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 October 9, 2016, Bristol-Myers Squibb Co 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.

Shares of Bristol-Myers Squibb Co (NYSE: BMY) declined from $76.00 per share in July 2016 to as low as $49.03 per share on October 25, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Bristol-Myers Squibb Co (NYSE: BMY) common shares between January 27, 2015 and October 9, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 27, 2015 and October 9, 2016, the defendants failed to disclose that Bristol-Myers’s CheckMate-026 trial was more likely to fail than defendants were representing, 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 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 February 5, 2018, Bristol-Myers Squibb Co (NYSE: BMY) reported its fourth quarter and full year financial results. Bristol-Myers Squibb Co reported that its annual Total Revenue rose from over $19.42 billion in 2016 to over $20.77 billion in 2017 and that its Net Income declined from over $4.45 billion in 2016 to over $1 billion in 2017.