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Case Page

 

Case Status:    ONGOING    
On or around 10/13/2021 (Date of last review)

Filing Date: October 06, 2021

This action stems from a proposed transaction announced on January 3, 2019, pursuant to which Celgene Corporation would be acquired by Bristol-Myers Squibb Company. Plaintiffs bring this action on behalf of themselves and all other former Celgene shareholders that received Contingent Value Rights in exchange for their Celgene shares pursuant to Bristol Myers’ acquisition of Celgene on November 20, 2019 and were damaged thereby.

On February 22, 2019, Defendants filed a joint definitive proxy statement with the United States Securities and Exchange Commission to solicit shareholder approval of the proposed transaction. The Complaint alleges that the Proxy Statement contained materially false and misleading statements that caused Plaintiffs and other members of the Class to accept the Merger consideration that failed to adequately value Celgene’s shares, and that as a result of their possession and exchange of Celgene common stock in the Merger, Plaintiffs and other Class members suffered an economic loss.

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