HARTFORD, Conn., July 3, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the publicly traded securities of Bristol-Myers Squibb Company ("Bristol-Myers") (NYSE:BMY) between March 22, 2006 and August 8, 2006, inclusive (the "Class Period").
The Complaint charges Bristol-Myers and certain of its officers and directors violated federal securities laws. On March 22, 2006, Bristol-Myers announced that it, along with Sanofi-Aventis SA, entered into a settlement agreement with Apotex, Inc. ("Apotex") to resolve a patent infringement lawsuit ("Apotex Settlement") related to the drug Plavix. The Complaint further alleges that throughout the Class Period, Bristol-Myers failed to disclose material facts regarding the Apotex Settlement including: (i) that Bristol-Myers had relinquished material rights in connection with the settlement, including the right to treble damages; (ii) that if the Apotex Settlement was not approved, Apotex could flood the market with its generic version of Plavix; and (iii) that Bristol-Myers had negotiated improper side agreements in connection with the Apotex Settlement.
On July 27, 2006, Bristol-Myers revealed that the Antitrust Division of the United States Department of Justice ("DOJ") was conducting a criminal investigation into the Apotex Settlement and as a result of this disclosure, the price of Bristol-Myers' securities declined $1.95 per share, or 7.5%, to close at $24.04 per share. On August 8, 2006, Bristol-Myers disclosed additional material facts regarding the Apotex Settlement. As a result of this disclosure, it is alleged that Bristol-Myers' securities declined $1.56 per share, or approximately 7%, to close at $21.21 per share.
If you are a member of the class, you may, no later than August 27, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.