PHILADELPHIA, April 13, 2002 (PRIMEZONE) -- Spector, Roseman & Kodroff, P.C. has filed a class action suit on behalf of purchasers of the securities of Bristol-Myers Squibb Co. ("BMY" or the "Company") (NYSE:BMY) between September 25, 2001 and March 19, 2002, inclusive.
The action is pending in the United States District Court, Southern District of New York located at 500 Pearl Street, New York, New York, against defendants Bristol-Myers and Peter R. Dolan.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between September 25, 2001 and March 19, 2002, thereby artificially inflating the price of BMY securities. Specifically, as alleged in the complaint, defendants knew or recklessly disregarded that BMY's clinical trial of VANLEV, a new drug for the treatment of hypertension, that was completed in September, demonstrated that VANLEV users experienced a higher risk of a side effect known as angiodema and that it was not shown to be superior to a cheaper generic drug already on the market. When this information was belatedly disclosed to the market on March 20, 2002, the price of BMY shares dropped 15.6%, or $7.57, to close at $41.08.
If you bought the securities of Bristol-Myers between September 25, 2001 and March 19, 2002 you may, no later than May 24, 2002, request that the Court appoint you as lead plaintiff. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Bristol-Myers Squibb Co. securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@srk-law.com. For more detailed information about the firm please visit its Website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca