MINNEAPOLIS, June 29, 2007 (PRIME NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P. filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") of all persons who purchased securities of Bristol-Myers Squibb Company. ("BMY" or the "Company") (NYSE:BMY) between March 22, 2006 and August 8, 2006 inclusive (the "Class Period").
As alleged in the Complaint, on March 22, 2006, BMY announced that it, along with Sanofi-Aventis SA, had entered into a settlement agreement with Apotex, Inc. ("Apotex") to resolve a patent infringement lawsuit ("Apotex Settlement") related to its 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 in May 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 purchased Bristol-Myers Squibb securities during the Class Period, you may wish to join in the action to serve as lead plaintiff. You are not required to serve as lead plaintiff in order to participate in the class action. If you purchased Bristol-Myers Squibb securities during the Class Period, you may, no later than August 27, 2007, request that the Court appoint you as lead plaintiff.
If you have questions about the lawsuit or would like to discuss it with an attorney, please call or e-mail:
Karen H. Riebel, Esq. (khriebel@locklaw.com)
Lockridge Grindal Nauen P.L.L.P.
100 Washington Avenue South, Suite 2200
Minneapolis, MN 55401
(612) 339-6900
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca/