According to the Complaint, Bristol-Myers Squibb Company purportedly discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products globally.

In January of 2015, the Company’s CheckMate-026 study investigating the use of Opdivo (nivolumab) monotherapy as first-line therapy in patients with advanced non-small cell lung cancer was underway.

On August 5, 2016, the Company announced that its CheckMate-026 trial investigating the use of Opdivo (nivolumab) as monotherapy had failed because it did not meet its primary endpoint of progression-free survival.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that Bristol-Myers’ CheckMate-026 trial was more likely to fail than Defendants were representing; (2) that BristolMyers’ CheckMate-026 trial failed more severely than the Company indicated it did in the Company’s August 5, 2016 announcements and disclosures; and (3) that, as a result of the foregoing, Defendants’ statements about Bristol-Myers’ business, operations, and prospects were
materially false and/or misleading and/or lacked a reasonable basis.

This case was voluntarily dismissed on April 25, 2018. A related case filed under Docket 18-CV-01611 in the Southern District of New York continues.

On May 16, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated amended Complaint on July 16. Defendants filed a Motion to Dismiss the consolidated amended Complaint on September 10. On September 30, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were granted leave to amend the Complaint.

On October 29, Lead Plaintiffs filed a consolidated second amended Complaint. Defendants filed a Motion to Dismiss the consolidated second amended Complaint on December 13. On September 30, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. Lead Plaintiffs filed a Notice appealing the Court's Dismissal Order on October 29.

On April 1, 2022, the Court of Appeals affirmed the District Court's grant of Defendants' Motion to Dismiss.