In re Bristol-Myers Squibb Company Securities Litigation

Court: United States District Court for the Southern District of New York
Case Number: 1:18-cv-01611-JPO
Class Period: 01/27/2015 - 10/09/2016
Case Contacts: Lauren McMillen Ormsbee, Jesse L. Jensen

This is a securities fraud class action filed on behalf of a class of all persons and entities who purchased or otherwise acquired common shares of Bristol-Myers Squibb Company (“Bristol-Myers” or the “Company”) between January 27, 2015 and October 9, 2016, inclusive (the “Class Period”).

Bristol-Myers is a global biopharmaceutical company that develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. This action arises from allegations that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.  Specifically, it is alleged that the Bristol-Myers failed to disclose material information concerning the Company’s CheckMate-026 study, which was investigating the use of Opdivo (nivolumab) monotherapy as first-line therapy in patients with advanced non-small cell lung cancer (“NSCLC”).

As alleged in the action, the Defendants failed to inform investors that Bristol-Myers’ CheckMate-026 trial was more likely to fail than Defendants were representing.  When the Company announced on August 5, 2016 that its CheckMate-026 trial had failed, and that Opdivo it did not meet its primary endpoint of progression-free survival, Defendants’ false and misleading statements and omissions began to be revealed and the Company’s stock price fell 16% that same day, and continued to fall another 4.7% on the next trading day, closing at $60.30 per share on August 8, 2016.

The Court appointed Arkansas Public Employees’ Retirement Services and Louisiana Sheriffs as Co-Lead Plaintiffs on May 16, 2018.

Plaintiffs filed a Consolidated Amended Complaint on July 16, 2018.

On September 10, 2018, Defendants moved to dismiss the Complaint, which Plaintiffs opposed on October 26, 2018. On November 30, 2018, Plaintiffs filed on a notice of supplemental authority alerting the Court to a relevant decision just issued by Chief Judge McMahon of the Southern District of New York in In re Signet Jewelers Limited Securities Litigation, No. 16 Civ. 6728 (CM), 2018 WL 6167889 (S.D.N.Y. Nov. 26, 2018). On December 4, 2018, Defendants filed a letter specifically addressing Signet, as well as a request for oral argument on their motion to dismiss. The Court has not yet scheduled a hearing.

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