BOSTON, Aug. 4, 2004 (PRIMEZONE) -- The Fresno County Employees' Retirement Association (FCERA) and the Louisiana State Employees' Retirement System (LASERS) said today that they are satisfied with a $300 million cash settlement of a securities class action lawsuit against Bristol-Myers Squibb Company (NYSE:BMY).
The two public pension plans, along with the Teachers' Retirement System of Louisiana and the General Retirement System of the City of Detroit, served as court-appointed lead plaintiffs in the lawsuit filed on behalf of all investors who purchased Bristol-Myers common stock from October 19, 1999 through and including March 10, 2003.
"We believe in taking decisive action to protect the assets of our members and all stakeholders affected by improper corporate actions. We are pleased that this important case has been satisfactorily resolved and that investors have obtained a $300 million recovery," said FCERA Retirement Administrator Roberto L. Pena.
"Our constituents and all Class Members are well served by this result. The agreement brings an end to the litigation process and enables investors to recoup their losses," said LASERS General Counsel Kevin Torres. "It also highlights the positive impact institutional investors have on class action recoveries."
The lawsuit, pending in the U.S. District Court for the Southern District of New York, alleges that Bristol-Myers artificially inflated its stock price by issuing false and misleading financial statements and by misleading investors about the prospect of U.S. Food and Drug Administration approval of the drug Erbitux.
Class Members will receive mailed notice of the settlement beginning on August 27, 2004. The Court will hold a hearing for final approval of the settlement on November 9, 2004. Class Members must submit proof a claim forms by January 31, 2005 in order to participate in the distribution of settlement proceeds.
FCERA and LASERS are represented in this case by the law firm of Berman DeValerio Pease Tabacco Burt & Pucillo. For more information about this case, visit www.bermanesq.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca