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In re Bristol-Myers Squibb Securities Litigation
(United States District Court for the Southern
District of New York)
Securities fraud class action filed on behalf
of purchasers of Bristol-Myers
Squibb Company's securities during the period October 19, 1999 through March 10, 2003.
The allegations pertain to (1) the Company's statements about its purported sales
and earnings growth, which, as eventually disclosed, were artificially inflated from
numerous improper accounting practices, and (2) misstatements about the strength
of the Company's investment in ImClone, the developer of Erbitux.
BRISTOL-MYERS AGREES TO SETTLE ACTION FOR $300 MILLION
On July 30, 2004, Lead Plaintiffs announced the Court's
preliminary approval of the settlement of the action. Under the terms of the settlement
Bristol-Myers Squibb Company has agreed to pay $300 million to the Class to settle all
claims against all defendants. Click
here for
a copy of the
press release
announcing the settlement.
On November 23, 2004 the Court granted final approval
of the settlement, and on May 16, 2006, approved the
distribution of 80% of the funds. In order to have been eligible to
share in the benefits of the settlement, class members must have submitted a
completed and signed Proof of Claim form postmarked no later than August 23,
2006. For further information, you can contact Claims Administrator The Garden
City Group, Inc. at 800-326-4150.
BACKGROUND
On October 4, 2002, the Honorable Loretta A. Preska of the United States District
Court for the Southern District of New York, appointed BLB&G clients the Teachers'
Retirement System of Louisiana and the General Retirement System of the City
of Detroit as two of the four public pension funds to serve as Co-Lead Plaintiffs,
and appointed BLB&G as Co-Lead Counsel. On April 11, 2003, BLB&G filed a
Consolidated Complaint
on behalf of the Lead Plaintiffs and the class.
Former Firm partners Erik Sandstedt and Daniel
Berger were responsible for
prosecuting this action.
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