NEW YORK, NY / ACCESSWIRE / December 3, 2021 / Cohen Milstein Sellers & Toll PLLC ("Cohen Milstein") today announced that its ongoing investigation has led to the filing of a class action complaint against Bristol-Myers Squibb Company ("Bristol Myers") and several of its senior executives and directors. The case was filed in the United States District Court for the Southern District of New York, Case No. 21-cv-10351.
The action was brought on behalf of all former Celgene Corporation ("Celgene") (CELG) shareholders that received Contingent Value Rights ("CVRs") in exchange for their Celgene shares pursuant to Bristol Myers' $74 billion acquisition of Celgene on November 20, 2019, and were damaged thereby, and all persons who purchased CVRs between November 20, 2019 and December 31, 2020 (the "Class Period"), and who were damaged thereby (the "Class").
The action arises from Bristol Myers' alleged subversion of the FDA approval process for the purpose of avoiding a $6.4 billion payment to CVR holders. By Bristol Myers' own design, the CVR payout required approval of three blockbuster therapies, including the cancer therapy Liso-cel, by specified dates ("Milestones"). From the outset of the Merger, Bristol Myers allegedly knew it would not take diligent efforts to obtain FDA approval for Liso-cel by the Milestone date of December 31, 2020. Accordingly, the statements in the Joint Proxy, Registration Statement and in various other SEC filings, on conference calls and in press releases 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.
The complaint asserts claims under Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rules 10b-5, 14a-9 promulgated thereunder, and Sections 11 and 12(a)(2) of the Securities Act of 1933. A copy of the complaint may be found on Cohen Milstein's website.
If you wish to serve as a lead plaintiff in this matter, you must file a motion with the Court no later than December 6, 2021. Any member of the proposed Class may move the Court to serve as a lead plaintiff through counsel of their choice, or they may choose to do nothing and remain a member of the Class.
Cohen Milstein has significant experience representing investors in securities class actions, having acted as lead counsel in hundreds of cases and recovered billions of dollars for plaintiffs since 1969. With more than 100 attorneys in offices in Washington, D.C., New York City, Chicago, Philadelphia, Palm Beach Gardens, Fla., and Raleigh, N.C., the firm is active in major litigation pending in federal and state courts throughout the nation. For more information visit www.cohenmilstein.com.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact: Michael B. Eisenkraft, Esq. of Cohen Milstein at (212) 838-7797 or via e-mail at [email protected].
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SOURCE: Cohen Milstein Sellers & Toll PLLC