Wolf Haldenstein Adler Freeman And Herz LLP Commences Bristol-Myers Class Action Lawsuit
NEW YORK, NY, Mar 21, 2002 (INTERNET WIRE via COMTEX) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that it filed a class action lawsuit in the United States District Court for the Southern District of New York, on behalf of purchasers of Bristol-Myers Squibb Company ("BRISTOL-MYERS" or the "Company'') (NYSE: BMY chart, msgs) between September 19, 2001 and January 4, 2002, inclusive, [the "Class Period"] against defendants BRISTOL-MYERS and certain of its officers.
The case name is Gaines v. Bristol-Myers Company et al (02-CV-2251) and is before Judge Loretta A. Preska. A copy of the complaint filed in this action is available from the Court or from Wolf Haldenstein.
The complaint alleges that defendants violated the federal securities laws by making itself, and allowing its drug development partner to make, without correction, materially false and misleading statements about the progress of its Erbitux cancer treatment drug's application for FDA approval even as BRISTOL-MYERS knew that the application and data were false.
Specifically, the complaint alleges that on December 28, 2001, a press release disclosed that the FDA had rejected the filing of a Biologics License Application for Erbitux. On January 4, 2002, The Cancer Letter reported that the FDA repeatedly informed defendants about problems with the Erbitux clinical trials during the Class Period. These shocking revelations caused the stock to plummet from a Class Period high of $56 to below $50 - and now to $40.
If you purchased BRISTOL-MYERS securities during the Class Period, between September 19, 2001 and January 4, 2002, inclusive, you may request that the Court appoint you as lead plaintiff by May 20, 2002. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country._ The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New Jersey, New York City, San Diego, and West Palm Beach._ The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Fred T. Isquith, Esq., Gustavo Bruckner, Esq., Michael Miske, George Peters, or Derek Behnke), or via e-mail at classmember@whafh.com. Your e-mail should refer to BRISTOL-MYERS.
siliconinvestor.com |
