BALA CYNWYD, Pa., April 23, 2002 (PRIMEZONE) -- A shareholder sued Bristol-Myers Squibb Company ("BRISTOL-MYERS" or the "Company") (NYSE:BMY) claiming that the company misled investors about its business and financial condition, as alleged in a complaint filed by the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Southern District of New York (02-CV-3357) and seeks damages for violations of federal securities laws on behalf of all investors who bought Bristol-Myers Squibb Company securities between May 16, 2001 and April 3, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Bristol-Myers Squibb Company and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our Website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the New York-based Bristol-Myers Squibb Company Bristol-Myers Squibb Company and certain of its officers and directors with violating 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 Squibb Company securities between May 16, 2001 and April 3, 2002, you may be a member of the class and have until May 20, 2002 to move the court to become a lead plaintiff. To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our Website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca