SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed against Bristol-Myers Squibb Company (“Bristol-Myers” or the “Company”) on behalf of former shareholders of Celgene Corporation (“Celgene”) (Nasdaq: CELG) who received Contingent Value Rights (“CVRs”) (NYSE: BMY.RT) in exchange for their shares pursuant to Bristol-Myers’s $74 billion acquisition of Celgene on November 20, 2019 (“Merger”).
If you are a former Celgene shareholder who acquired CVRs in exchange for your Celgene shares pursuant to the Merger, you may move the Court for appointment as lead plaintiff by no later than December 6, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Bristol-Myers CVR holders who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here, or text or email investorinfo@lchb.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the Bristol-Myers Securities Class Litigation
Bristol-Myers, headquartered in New York City, is one of the world’s largest pharmaceutical companies.
The action arises from Bristol-Myers’s alleged subversion of the Food and Drug Administration (“FDA”) approval process for a cancer therapy known as “Liso-cel” in order to avoid paying $6.4 billion to CVR holders. The CVR payout required FDA approval of three therapies, including Liso-Cel, by specified dates (the “Milestones”).
The action alleges that defendants made materially false and misleading statements and omissions of material facts in the Joint Proxy filed with the Securities and Exchange Commission in connection with the Merger. The Joint Proxy stated that upon completion of the Merger, Celgene shareholders would receive CVRs that could be exchanged for payment of $9.00 per share upon completion of certain “Milestones.” One of the Milestones was obtaining FDA approval for Liso-cel by December 31, 2020. To avoid paying CVR holders, Bristol-Myers made defective filings to the FDA to ensure delay in the FDA’s review, inspection and approval of Liso-cel, which caused it to miss the Liso-cel Milestone. Accordingly, defendants’ statements in the Joint Proxy concerning the efforts Bristol-Myers would make to meet the Milestones, the likelihood that the Milestones would be met and the purported value of the CVRs were materially false and misleading when made.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com/.
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