Bristol-Myers Squibb Company Reserves $185 Million Over Vanlev Suits
NEW YORK, Jan. 23 /PRNewswire-FirstCall/ -- Bristol-Myers Squibb Company (NYSE: BMY - News) has recorded a reserve in the amount of $185 million in anticipation of the potential settlement of its consolidated securities class action litigation, pending in the U.S. District Court for the District of New Jersey, relating to the company's investigational compound, omapatrilat (VANLEV(TM)). Beginning in the spring of 2000, the plaintiffs brought lawsuits against the company and certain company executives alleging violations of federal securities laws and regulations.
The parties have reached an agreement in principle on financial terms and are seeking to finalize non-financial aspects of a potential settlement. At this time, there can be no assurance that a final settlement agreement will be reached. Further, any settlement would be subject to a number of conditions, including preliminary court approval, completion of a fairness hearing and final court approval following completion of the fairness hearing. There can be no assurance that those conditions will be satisfied.
Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.
Source: Bristol-Myers Squibb Company