When a Pharma Giant's Quest for Blockbuster Drug Profits Threatened Shareholders and Consumers Alike, We Fought Back. And Won.In re Bristol-Myers Squibb Securities Litigation
In 1999, after extensive clinical trials, Bristol-Myers Squibb (BMS) announced the promising results of its developmental blood pressure drug Vanlev. The company's press release reported that while Vanlev had side effects similar to other leading drugs, it otherwise outperformed them. The company's announcement left out one critical detail: not all the clinical data was so positive. In fact, other results from the clinical trials indicated that Vanlev appeared to have life-threatening side effects.
When the FDA expressed serious concerns about Vanlev's side effects, BMS released a statement that it was withdrawing the drug's FDA application. In response, the company's stock price took a perilous dive, losing nearly 30 percent of its value in a single day.
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