Bristol-Myers Squibb Company (NYSE: BMY) Investor Securities Class Action Lawsuit 06/20/2007

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Company Name(s): 
Bristol-Myers Squibb Co.
Case Name: 
Bristol-Myers Squibb Co. Shareholder Class Action Lawsuit 06/20/2007
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: BMY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/20/2007
Class Period Begin: 
03/21/2006
Class Period End: 
08/08/2006
Court of Filing: 
U.S. District Court for the Southern District of New York
Date Settled: 
12/08/2009
Settlement Amount: 
$125,000,000
Deadline to Participate in Settlement: 
12/30/2009
Summary: 

October 14, 2010 - The court ordered the authorization of the distribution of the net settlement fund.

December 8, 2009 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

August 18, 2009 - The court preliminarily approved the settlement.

July 21, 2009 - Parties filed a stipulation of settlement.

August 20, 2008 - The court denied the defendants' motions to dismiss.

November 26, 2007 - Another defendant filed a motion to dismiss.

November 12, 2007 - The defendants filed motions to dismiss.

October 18, 2007 - The court ordered claims dismissed against an individual defendant without prejudice.

October 15, 2007 - The lead plaintiff filed an amended complaint.

September 21, 2007 - The lead plaintiff and lead counsel were appointed.

August 27, 2007 - Lead plaintiff motions were filed.

June 20, 2007 - An investor in shares of Bristol-Meyers Squibb Company (NYSE: BMY) filed a lawsuit in the U.S. District Court for the Southern District of New York against Bristol-Meyers Squibb Company over alleged violation of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 22, 2006 and August 8, 2006.

The complaint alleges that Bristol-Meyers Squibb Company and certain of its present and or former executives, on March 22, 2006, announced that it, along with Sanofi-Aventis SA, entered into a settlement agreement with Apotex Inc to resolve a patent infringement lawsuit (Apotex Settlement) related to the drug Plavix. The complaint further alleges that between March 22, 2006 and August 8, 2006, Bristol-Meyers Squibb Company failed to disclose material facts regarding the Apotex Settlement including (1) that Bristol-Meyers Squibb Company 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 Inc could flood the market with its generic version of Plavix; and (3) that Bristol-Meyers Squibb Company had negotiated improper side agreements in connection with the Apotex Settlement. On July 27, 2006, Bristol-Meyers Squibb Company 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 Bristol-Meyers Squibb Company’s stock (NYSE: BMY) declined $1.95 per share, or 7.5%, to close at $24.04 per share. On August 8, 2006, Bristol-Meyers Squibb Company disclosed additional material facts regarding the Apotex Settlement. As a result of this disclosure, it is alleged that Bristol-Meyers Squibb Company’s stock (NYSE: BMY) declined $1.56 per share, or approximately 7%, to close at $21.21 per share. The complaint also alleges that on May 10, 2007 Bristol-Meyers Squibb Company issued a press release disclosing that Bristol-Meyers Squibb Company agreed to plead guilty to federal charges of making false statements to a government agency in connection with the Apotex Settlement.