Bristol-Myers Braces For Blow In Class Action Suit
By Marius Meland
Law360, New York (January 23, 2006, 12:00 AM EST) -- For Bristol-Myers Squibb Co., when it rains it pours. In its latest effort to snuff out an unrelenting barrage of complaints from shareholders, the company has set aside $185 million in anticipation of settling a securities class action lawsuit over an experimental heart drug the company touted as a future blockbuster that later proved to be potentially fatal.
The lawsuit, filed in a federal court in New Jersey in 2000, alleges the pharmaceutical giant continued to hype its experimental heart drug Vanlev despite poor clinical trial...