Contact a Lawyer Now
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 6, 2021 to file lead plaintiff applications in a securities class action lawsuit against Bristol-Myers Squibb Company (“BMS” or “the Company”) (NYSE: BMY), if they received Contingent Value Rights (“CVRs”) (NYSE: BMY.RT) in exchange for their shares of Celgene Corporation (NASDAQ: CELG) pursuant to BMS’ acquisition of Celgene on November 20, 2019.
On January 3, 2019, BMS and Celgene agreed to a merger under which Celgene shareholders would receive $50 in cash, one share of BMS common stock, and one CVR for each share of Celgene common stock. Each CVR would provide holders a contingent right to receive $9 in cash if certain milestones were reached, which consisted of FDA approval of three applications by certain deadline dates. On January 1, 2021, BMS announced that one of the deadlines had not been met and terminated the CVRs.
The lawsuit charges BMS with failing to take diligent efforts to meet the milestones, as required by the CVR agreement, in order to avoid paying the CVR buyout. As a result, the statements in the Joint Proxy concerning the efforts BMS 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.
If you received CVRs as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or fill out the form on this page.
The case is SM Merger/Arbitrage, L.P., et al., v. Bristol-Myers Squibb Company, et al., 21-cv-8255.
Click here to read the first filed complaint.