Bristol-Myers Squibb Co (NYSE: BMY) Investor Securities Class Action Lawsuit 02/09/2018

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Company Name(s): 
Bristol-Myers Squibb Co.
Case Name: 
Bristol-Myers Squibb Co. Shareholder Class Action Lawsuit 02/09/2018
Case Status: 
Case Dismissed
Affected Securities
NYSE: BMY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/09/2018
Class Period Begin: 
01/27/2015
Class Period End: 
10/09/2016
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
04/10/2018
Case Dismissed: 
04/25/2018
Summary: 

April 25, 2018 - The plaintiff filed a notice of voluntary dismissal.

April 10, 2018 - Lead plaintiff motions were filed.

February 9, 2018 - An investor in shares of Bristol-Myers Squibb Co (NYSE: BMY) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Bristol-Myers Squibb Co in connection with certain allegedly false and misleading statements made between January 27, 2015 and October 9, 2016.

New York based Bristol-Myers Squibb Co is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products.

On August 5, 2016, Bristol-Myers Squibb Co announced that its CheckMate-026 trial investigating the use of Opdivo (nivolumab) as monotherapy had failed because it did not meet its primary endpoint of progression-free survival.

On October 9, 2016, Bristol-Myers Squibb Co disclosed the final primary analysis of CheckMate-026, including the finding that overall survival was only 14.4 months for Opdivo versus 13.2 months for chemotherapy.

Shares of Bristol-Myers Squibb Co (NYSE: BMY) declined from $76.00 per share in July 2016 to as low as $49.03 per share on October 25, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Bristol-Myers Squibb Co (NYSE: BMY) common shares between January 27, 2015 and October 9, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 27, 2015 and October 9, 2016, the defendants failed to disclose that Bristol-Myers’s CheckMate-026 trial was more likely to fail than defendants were representing, that Bristol- Myers’ CheckMate-026 trial failed more severely than the Company indicated it did in the Company’s August 5, 2016 announcements and disclosures, and that, as a result of the foregoing, defendants’ statements about Bristol-Myers’ business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

On February 5, 2018, Bristol-Myers Squibb Co (NYSE: BMY) reported its fourth quarter and full year financial results. Bristol-Myers Squibb Co reported that its annual Total Revenue rose from over $19.42 billion in 2016 to over $20.77 billion in 2017 and that its Net Income declined from over $4.45 billion in 2016 to over $1 billion in 2017.