| Company: | Bristol Myers Squibb Company |
| Ticker Symbol: | NYSE: BMY |
| Class Period:: | March 22, 2006 to August 8, 2006 |
| Date Filed: | Jun-28-07 |
| Lead Plaintiff Deadline: | Aug-19-07 |
| Court: | Southern District, NY |
| Allegations: |
A securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York, on behalf of purchasers of Bristol Myers Squibb Company ("BMY" or the "Company") (NYSE:BMY) securities during the period between March 22, 2006 and August 8, 2006, (the "Class Period").
As alleged in the Complaint, on March 22, 2006, BMY announced that it, along with Sanofi-Aventis SA, entered into a settlement agreement with Apotex, Inc. ("Apotex") to resolve a patent infringement lawsuit ("Apotex Settlement") related to the drug Plavix. The Complaint further alleges that throughout the Class Period, BMY failed to disclose material facts regarding the Apotex Settlement including: (1) that BMY had relinquished material rights in connection with the settlement, including the right to treble damages; (2) that if the Apotex Settlement was not approved, Apotex could flood the market with its generic version of Plavix; and (3) that BMY had negotiated improper side agreements in connection with the Apotex Settlement.
On July 27, 2006, BMY revealed that the Antitrust Division of the United States Department of Justice ("DOJ") was conducting a criminal investigation into the Apotex Settlement and, as alleged, as a result of this disclosure, the price of BMY's securities declined $1.95 per share, or 7.5%, to close at $24.04 per share. On August 8, 2006, BMY disclosed additional material facts regarding the Apotex Settlement. As a result of this disclosure, it is alleged that BMY's securities declined $1.56 per share, or approximately 7%, to close at $21.21 per share.
The Complaint also alleges that on May 10, 2007 BMY issued a press release disclosing that the Company agreed to plead guilty to federal charges of making false statements to a government agency in connection with the Apotex Settlement.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
As alleged in the Complaint, on March 22, 2006, BMY announced that it, along with Sanofi-Aventis SA, entered into a settlement agreement with Apotex, Inc. ("Apotex") to resolve a patent infringement lawsuit ("Apotex Settlement") related to the drug Plavix. The Complaint further alleges that throughout the Class Period, BMY failed to disclose material facts regarding the Apotex Settlement including: (1) that BMY had relinquished material rights in connection with the settlement, including the right to treble damages; (2) that if the Apotex Settlement was not approved, Apotex could flood the market with its generic version of Plavix; and (3) that BMY had negotiated improper side agreements in connection with the Apotex Settlement.
On July 27, 2006, BMY revealed that the Antitrust Division of the United States Department of Justice ("DOJ") was conducting a criminal investigation into the Apotex Settlement and, as alleged, as a result of this disclosure, the price of BMY's securities declined $1.95 per share, or 7.5%, to close at $24.04 per share. On August 8, 2006, BMY disclosed additional material facts regarding the Apotex Settlement. As a result of this disclosure, it is alleged that BMY's securities declined $1.56 per share, or approximately 7%, to close at $21.21 per share.
The Complaint also alleges that on May 10, 2007 BMY issued a press release disclosing that the Company agreed to plead guilty to federal charges of making false statements to a government agency in connection with the Apotex Settlement.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
