PHILADELPHIA, March 29, 2018 /PRNewswire/ -- Kehoe Law Firm, P.C. is investigating claims on behalf of investors of Bristol-Myers Squibb Company (NYSE: BMY) to determine whether Bristol-Myers and certain of its officers and/or directors engaged in securities fraud or other unlawful business practices.
INVESTORS WHO BOUGHT BMY STOCK BETWEEN JANUARY 27, 2015 AND OCTOBER 9, 2016 HAVE UNTIL APRIL 10, 2018 TO SEEK APPOINTMENT AS LEAD PLAINTIFF.
On August 5, 2016, Bristol-Myers announced that its CheckMate-026 trial investigating the use of Opdivo (nivolumab) as monotherapy had failed, because it did not meet its primary endpoint of progression-free survival. On this news, Bristol-Myers's share price fell $12.04, or 16%, to close at $63.28 on August 5, 2016. Further, the stock price of Bristol-Myers continued to fall on the next trading day, declining another $2.98, or 4.7%, to close at $60.30 on August 8, 2016.
On October 9, 2016, Bristol-Myers disclosed the final primary analysis of CheckMate-026, including the finding that overall survival was only 14.4 months for Opdivo versus 13.2 months for chemotherapy. On this news, Bristol-Myers's share price fell $5.62, or 10.1%, to close at $49.81 on October 10, 2016.
On February 9, 2018, a class action lawsuit was filed against Bristol-Myers on behalf of investors who purchased Bristol-Myers securities between January 27, 2015 and October 9, 2016, both dates inclusive (the "Class Period") seeking remedies under the Securities Exchange Act of 1934.
Allegedly, throughout the Class Period, BMY made materially false and/or misleading statements, as well as failed to disclose material adverse facts about BMY's business, operations, and prospects. Specifically, BMY failed to disclose that BMY's CheckMate-026 trial was more likely to fail than BMY represented; Bristol-Myers' CheckMate-026 trial failed more severely than Bristol-Myers indicated it did in its August 5, 2016 announcements and disclosures; and, as a result, Bristol-Myers' statements about its business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Bristol-Myers Squibb Shareholders and Investors: If you purchased Bristol-Myers stock between January 27, 2015 and October 9, 2016, inclusive, and have questions or concerns about your potential legal rights, please visit KLF's Bristol-Myers BMY page, contact John Kehoe, Esq., (215) 792-6676, Ext. 801, firstname.lastname@example.org or e-mail email@example.com.
CONTACT: John A. Kehoe, Esq., Kehoe Law Firm, P.C.
SOURCE Kehoe Law Firm, P.C.