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Bristol-Myers Squibb Class Action Lawsuit Announced

Strategic Insights

— 1 min read

A class action complaint has been filed in the United States District Court for the District of New Jersey against Bristol-Myers Squibb Company on behalf of investors who purchased the company's common stock during a specified period in 1999 and 2000. The complaint alleges that the company made false and misleading statements about its drug, VANLEV, which artificially inflated stock prices.

The class action lawsuit accuses Bristol-Myers Squibb and its senior officers of violating Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that the company knew about a rare and serious side effect of VANLEV but failed to disclose it to the public. As a result, investors may be entitled to recover damages.

Key Takeaways:

  • The class action complaint was filed in the United States District Court for the District of New Jersey on behalf of a class of persons who purchased Bristol-Myers Squibb Company common stock between November 8, 1999, and April 19, 2000.
  • The complaint alleges that Bristol-Myers Squibb and its senior officers made false and misleading statements about the company's drug, VANLEV.
  • The company allegedly failed to disclose a rare and serious side effect of VANLEV, which was detected in clinical trials.
  • The complaint charges the company with violating Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
  • The plaintiff seeks to recover damages on behalf of all purchasers of BMY common stock during the specified period.
  • The law firm representing the plaintiff, Savett Frutkin Podell & Ryan, P.C., has extensive experience in shareholder and class action litigation.

Statistics:

  • The class action lawsuit covers the period from November 8, 1999, to April 19, 2000.
  • Bristol-Myers Squibb Company's drug, VANLEV, was at the center of the controversy.
  • The plaintiff seeks to recover damages for all purchasers of BMY common stock during the specified period.
  • The complaint alleges that the company knew about a rare and serious side effect of VANLEV but failed to disclose it to the public.

Sources:

  • Savett Frutkin Podell & Ryan, P.C.
  • Business Editors/Hi-Tech Writers
  • Bristol-Myers Squibb Company (NYSE: BMY)

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