SAN FRANCISCO (Legal Newsline) – A stockholder alleges he and other class members purchased Bristol-Myers Squibb Co. securities at artificially inflated prices.
Joseph Giugno, individually and on behalf of all others similarly situated, filed a complaint on Feb. 9 in the U.S. District Court for the Northern District of California against Bristol-Myers Squibb Co., Michael Giordano, Fouad Namouni, et al., alleging violation of the Federal Securities Law.
According to the complaint, the plaintiff alleges that between the class period of Jan. 27, 2015, and Oct. 9, 2016, Bristol-Myers' securities traded at artificially inflated prices and that he and class members purchased the securities "relying upon the integrity of the market price of the company's securities and market information."
The plaintiff claims the defendants allegedly created an unrealistically positive assessment of the Bristol-Myers business, operations and prospects that caused the price inflation.
The plaintiff holds Bristol-Myers Squibb Co., et al. responsible because the defendants allegedly made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business.
The plaintiff requests a trial by jury and seeks to award compensatory damages, costs and expenses incurred, and such other and further relief as the court may deem just and proper. He is represented by Lionel Z. Glancy, Robert V. Prongay, Joshua L. Crowell and Charles H. Linehan of Glancy Prongay & Murray LLP in Los Angeles.
U.S. District Court for the Northern District of California case number 3:18-cv-00878-VC