BRISTOL MYERS SHAREHOLDER ALERT: CLAIMANT REMINDES INVESTORS WITH LOSSES GREATER THAN $ 100,000 of Principal Plaintiff’s Deadline in Class Action Against Bristol-Myers Squibb
NEW ORLEANS, November 3, 2021 / PRNewswire / – ClaimsFiler, a FREE shareholder information service, reminds investors that they have up to December 6, 2021 to file principal plaintiff claims in a securities class action lawsuit against Bristol-Myers Squibb Company (“BMS” or “the Company”) (NYSE: BMY), if they have received contingent value rights (“CVR ”) (NYSE: BMY.RT) in exchange for their shares of Celgene Corporation (NASDAQ: CELG) in connection with the acquisition of Celgene by BMS on November 20, 2019. This action is underway in United States District Court of the Southern District of new York.
BMS investors should visit us at https://claimsfiler.com/cases/nyse-bmy-3/ or call the toll free number (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.
About the trial
At January 3, 2019, BMS and Celgene agreed to a merger under which Celgene shareholders would receive $ 50 in cash, one BMS common share and one CVR for each Celgene common share. Each CVR would offer holders a possible right to receive $ 9 in cash if certain milestones were met, which consisted of FDA approval of three applications by certain deadlines. At January 1, 2021, BMS announced that one of the deadlines had not been met and terminated the CVRs.
The lawsuit accuses BMS of failing to make diligent efforts to meet the milestones, as required by the CVR agreement, in order to avoid paying for the CVR buyout. Accordingly, the statements in the Joint Power of Attorney regarding the efforts BMS would make to achieve the milestones, the likelihood of the milestones being met and the purported value of the CVRs were materially false and misleading when made.
The case is SM Merger / Arbitrage, LP, et al., C. Bristol-Myers Squibb Company, et al.., 21-cv-8255.
ClaimsFiler has one mission: To serve as a source of information to help retail investors reclaim their share of billions of dollars in securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to access information and settlement websites for various securities class actions so that they can submit their own claims in a timely manner; (2) upload transactional data from their portfolio to be informed of relevant securities affairs in which they may have a financial interest; and (3) submit requests to the law firm Kahn Swick & Foti, LLC for free case assessments.
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