NEW YORK – (BUSINESS WIRE) – October 6, 2021–
Entwistle & Cappucci LLP (âEntwistle & Cappucciâ) today announced that its ongoing investigation has led to the filing of a class action lawsuit against Bristol-Myers Squibb Company (âBristol Myersâ) and several of its senior executives. The case was filed in the United States District Court for the Southern District of New York, Case No.1: 21-cv-8255.
The action was brought on behalf of all of the former shareholders of Celgene Corporation (“Celgene”) (NASDAQ: CELG) who received conditional value rights (“CVRs”) in exchange for their Celgene shares under the ‘$ 74 billion acquisition of Celgene by Bristol Myers on November 20, 2019 and thereby damaged (the âGroupâ).
The action stems from Bristol Myers’ alleged subversion of the FDA approval process in an attempt to avoid a $ 6.4 billion payment to CVR holders. By Bristol Myers’ own design, payment of the CVR required the approval of three successful therapies, including the Liso-cel Cancer Therapy, on specified dates (âMilestonesâ). From the outset of the merger, Bristol Myers would have known that it would not make diligent efforts to secure FDA approval for Liso-cel until the December 31, 2020 milestone date. Accordingly, the statements in the joint power of attorney regarding Bristol Myers’ efforts to meet the milestones, the likelihood of the milestones being met and the purported value of the CVRs were materially false and misleading when they were made.
The complaint asserts claims under Sections 14 (a) and 20 (a) of the Securities Exchange Act of 1934 and Rule 14a-9 enacted thereunder. A copy of the complaint is available on the Entwistle & Cappucci website.
If you wish to act as the principal plaintiff in this case, you must file an application with the Court no later than December 6, 2021. Any member of the proposed Class may propose to the Court to act as the principal plaintiff by the ‘intermediary of the lawyer of his choice. , or they can choose to do nothing and remain a member of the Class.
If you would like to discuss this action or have any questions regarding this notice or your rights or interests, please contact: Robert N. Cappucci, Esq. from Entwistle & Cappucci at (212) 894-7200 or by email at [email protected]
OnEntwistle & Cappucci
Entwistle & Cappucci is a national law firm providing exceptional legal representation to its clients in the most complex and difficult legal matters. Our practice encompasses all areas of litigation, corporate transactions, bankruptcy, insurance, corporate investigations and white collar defense. Our clients include public and private companies, major hedge funds, public pension funds, government entities, leading institutional investors, domestic and foreign financial services companies, emerging companies and individual entrepreneurs.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211006006036/en/
CONTACT: Entwistle & Cappucci LLP
Robert N. Cappucci, Esq.
Telephone: (212) 894-7200
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL LEGAL SERVICES
SOURCE: Entwistle & Cappucci
Copyright Business Wire 2021.
PUB: 06/10/2021 18:44 / DISC: 06/10/2021 18:44
Copyright Business Wire 2021.