NEW YORK, May 24, 2002 (PRIMEZONE) -- Abbey Gardy, LLP commenced a securities class action lawsuit on behalf of all persons who acquired Bristol-Myers Squibb Company ("Bristol-Myers" or the "Company") (NYSE:BMY) common stock between May 16, 2001 and April 1, 2002 (the "Class Period").
The Complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. The complaint alleges, among other things, that throughout the Class Period defendants engaged in a systematic program of moving sales from future periods in a process of what is sometimes called "channel stuffing." On April 1, 2002, defendants admitted that the Company had overloaded U.S. wholesalers with products by offering them incentives. Defendants further admitted that U.S. wholesalers were holding approximately $1 billion in excess inventory and that the de-stocking of this inventory would materially adversely affect sales and earnings in 2002. In response to the April 1, 2002 announcement, the price of the Company's stock dropped over 5%.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Bristol-Myers securities during the Class Period. If you purchased or otherwise acquired Bristol-Myers securities during the Class Period, and either lost money on the transactions or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 11, 2002.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Jennifer Haas of Abbey Gardy, LLP at (800) 889-3701 or email JHaas@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca