Bristol-Myers Squibb
| Company Name | Bristol-Myers Squibb |
| Stock Symbol | BMY |
| Lead Plaintiff Motion Deadline | April 10, 2018 |
| Status | 1 |
On August 5, 2016, the Company announced that its CheckMate-026 trial investigating the use of Opdivo (nivolumab) as monotherapy had failed because it did not meet its primary endpoint of progression-free survival. On this news, the Company’s stock price fell $12.04 per share, or 16%, to close at $63.28 per share on August 5, 2016, on unusually heavy trading volume. The stock price continued to fall on the next trading day, declining another $2.98 per share, or 4.7%, on unusually heavy trading volume, to close at $60.30 per share on August 8, 2016.
On October 9, 2016, Bristol-Myers disclosed the final primary analysis of CheckMate-026, including the finding that overall survival was only 14.4 months for Opdivo versus 13.2 months for chemotherapy. On this news, the Company’s stock price fell $5.62 per share, or 10.1%, to close at $49.81 per share on October 10, 2016, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that Bristol-Myers’ CheckMate-026 trial was more likely to fail than Defendants were representing; (2) that Bristol- Myers’ CheckMate-026 trial failed more severely than the Company indicated it did in the Company’s August 5, 2016 announcements and disclosures; and (3) that, as a result of the foregoing, Defendants’ statements about Bristol-Myers’ business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
Submit Your Information
If you suffered a loss on your Bristol-Myers Squibb investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.