Securities Investigation on Behalf of BMY Shareholders and Investors
Kehoe Law Firm, P.C. is investigating claims on behalf of investors of Bristol-Myers Squibb (NYSE: BMY) to determine whether Bristol-Myers Squibb Company and certain of its officers and/or directors engaged in securities fraud or other unlawful business practices.
INVESTORS WHO BOUGHT BMY STOCK BETWEEN JANUARY 27, 2015 AND OCTOBER 9, 2016, BOTH DATES INCLUSIVE, HAVE UNTIL APRIL10, 2018 TO SEEK APPOINTMENT AS LEAD PLAINTIFF.
On August 5, 2016, Bristol-Myers 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, Bristol-Myers’s share price fell $12.04, or 16%, to close at $63.28 on August 5, 2016. The stock price of Bristol-Myers continued to fall on the next trading day, declining another $2.98, or 4.7%, to close at $60.30 on August 8, 2016.
Subsequently, 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, Bristol-Myers’s share price fell $5.62, or 10.1%, to close at $49.81 on October 10, 2016.
Class Action Lawsuit Filed Against Bristol-Myers Squibb Company
On February 9, 2018, a class action lawsuit was filed in United States District Court, Northern District of California, on behalf of persons and entities that acquired Bristol-Myers securities between a Class Period of January 27, 2015 and October 9, 2016, inclusive, against Bristol-Myers seeking to pursue remedies under the Securities Exchange Act of 1934.
According to the class action complaint:
Throughout the Class Period, the [Bristol-Myers] Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about [Bristol-Myers] business, operations, and prospects. Specifically, [Bristol-Myers] Defendants failed to disclose: (1) that Bristol-Myers’ CheckMate-026 trial was more likely to fail than [Bristol-Myers] Defendants were representing; (2) that Bristol-Myers’ CheckMate-026 trial failed more severely than [Bristol-Myers] indicated it did in [its] August 5, 2016 announcements and disclosures; and (3) that, as a result of the foregoing, [Bristol-Myers’] statements about Bristol-Myers’ business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis. (Emphasis added)
Bristol-Myers Squibb Shareholders and Investors
If you purchased, or otherwise acquired, Bristol-Myers securities between January 27, 2015 and October 9, 2016, both dates inclusive, and have questions or concerns about your potential legal rights, please contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], complete the form above on the right or e-mail [email protected].
Investors who bought BMY during the class period and suffered damages have until April 10, 2018 to file a motion with the Court to seek appointment as lead plaintiff. Please note that no class has been certified in the above action, and until a class is certified, you are not represented by counsel unless you retain an attorney of your choice. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may serve together as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.