• Delicious




Bristol-Myers Settlement Approved

by Glen Shapiro, LawAndTax-News.com, New York

14 February 2006

It emerged late last week that pharmaceutical firm Bristol-Myers Squibb's settlement over claims that it illegally boosted its share price by making false claims regarding one of its experimental drugs has received preliminary approval.

The firm announced last week that it will create a settlement fund to address a class action lawsuit brought by investors who purchased its stocks between October 1999 and March 2002.

Vanlev, an experimental blood-pressure drug, was much vaunted by Bristol-Myers (with predicted sales of more than $1 billion), despite the fact that potentially significant side effects were known about in the mid-to-late nineties.

However, it was not until April 2000 that the firm withdrew its request for approval of the drug by the FDA, sparking a significant drop in the firm's share prices which stung investors.

In announcing the settlement, Bristol-Myers Squibb has neither admitted nor denied wrongdoing.

.

 

 






Write a comment