NEW YORK, July 31, 2009 (GLOBE NEWSWIRE) -- The law firm of Harwood Feffer LLP announces that it filed a Federal class action lawsuit on July 31, 2009 on behalf of the current shareholders of the common stock of Medarex, Inc. (the "Company") (Nasdaq:MEDX) in connection with a tender offer by Bristol-Myers Squibb Company. Medarex shareholders may obtain a copy of the complaint by calling our offices or emailing us at the e-mail addresses listed below. The action is pending in United States District Court for the District of New Jersey.
The complaint alleges that defendants violated Section 14(e) of the 1934 Act, inter alia, by issuing a false and misleading Offer to Purchase and Schedule 14D-9 which fail to apprise Medarex shareholders of the true bases of Medarex's financial valuation. The complaint also alleges that defendants breached their fiduciary duties, or aided and abetted the breach of fiduciary duties, by recommending an unfairly low tender offer to Medarex shareholders. The complaint names as defendants the directors of Medarex, Bristol-Myers, and Puma Acquisition Company, Bristol-Myers' wholly-owned subsidiary. The complaint seeks injunctive and monetary relief. If you own Medarex common stock, no later than September 30, 2009, you may move the court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The court must determine whether the class member's claim is typical of other members' claims, and whether the class member will adequately represent the class. Your ability to recover is not, however, affected by your decision whether or not to serve as a lead plaintiff.
Harwood Feffer has taken a leading role in many important actions on behalf of defrauded shareholders and has recovered hundreds of millions of dollars in those efforts. The Harwood Feffer website (www.hfesq.com) has more information about the firm . If you wish to discuss this action or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Robert I. Harwood, Esq.
James G. Flynn, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
(toll free) 877-935-7400
e-mail: rharwood@hfesq.com
jflynn@hfesq.com
The Harwood Feffer LLP logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=454