Class Action Suit Against Bristol-Meyers Squibb Company (NYSE: BMY) Filed By Wechsler Harwood
PRNewswire
NEW YORK
Apr 16, 2002
The law firm of Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") announces that a class action has been commenced on behalf of its client in the United States District Court for the Southern District of New York on behalf of purchasers of Bristol-Meyers Squibb Company ("Bristol-Meyers" or the "Company") (NYSE: BMY) who acquired Bristol-Meyer securities between September 19, 2001 and March 19, 2002, inclusive (the "Class Period").
The complaint alleges that Bristol-Myers and certain of its officers and directors violated the federal securities laws by making, and permitting its drug development partner to make, without correction, materially false and misleading statements concerning the progress of its Erbitux cancer treatment drug's application for FDA approval. 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 revelations caused the stock to plummet from a Class Period high of $56 to below $50 -- and now to $40.
Plaintiff seeks to recover damages on behalf of all class members. If you are a member of the Class described above, and if you meet certain other legal requirements, you may, no later than May 20, 2002, move the Court to serve as a lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. You are not required to become a lead plaintiff in order to recover your pro rata share of any settlement or judgment in this action. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff."
The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4). You may move the Court to serve as lead plaintiff through counsel of your choice. (15 U.S.C. 78u-4(a)(3)).
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (http://www.whhf.com/ ) has more information regarding the firm and its attorneys. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood Halebian & Feffer LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whhf.com
SOURCE: Wechsler Harwood Halebian & Feffer LLP
Contact: Craig Lowther of Wechsler Harwood Shareholder Relations
Department, +1-877-935-7400, or clowther@whhf.com
Website: http://www.whhf.com/