In re Bristol-Myers Squibb Company Securities Litigation
|Court:||United States District Court for the Southern District of New York|
|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”).
According to the Complaint, 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.
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