San Diego, CA -- (SBWire) -- 09/13/2016 --An investor in shares of Bristol-Myers Squibb Co (NYSE:BMY) filed a lawsuit against certain directors of Bristol-Myers Squibb over alleged breaches of fiduciary duties.
Investors who purchased shares of Bristol-Myers Squibb Co (NYSE:BMY) and currently hold any of those NYSE:BMY shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that Bristol-Myers Squibb illegally bribed Chinese officials to increase business and to line their own pockets.
In October 2015, Bristol-Myers Squibb Co reached a civil settlement with the Securities and exchange Commission ("SEC") of alleged Foreign Corrupt Practices Act (FCPA) violations in which the Company agreed to approximately $14.7 million in disgorgement, penalties and interest.
The plaintiff claims that upper management of Bristol-Myers Squibb in the U.S. first learned of the illicit payments in 2009 and allowed the practice to continue through 2012. The plaintiff alleges that annual internal audits exposed gaps in internal controls in connection with anti-bribery compliance and that the gaps were reported to Bristol-Myers' audit committee and senior management, however none of the information found its way into public statements.
The plaintiff alleges that he demanded that Bristol-Myers Squibb's board take action against those responsible and against anyone who benefitted personally from the bribes, but he has received no response.
Bristol-Myers Squibb Co reported that its annual Total Revenue rose from over $15.87 billion in 2014 to over $16.56 billion in 2015 while its Net Income declined from over $2 billion in 2014 to over $1.56 billion in 2015.
Shares of Bristol-Myers Squibb Co (NYSE:BMY) declined from $76.30 per share on August 1, 2016 to as low as $58.07 per share on August 17, 2016.
On September 12, 2016, NYSE:BMY shares closed at $56.32 per share.
Those who purchased shares of Bristol-Myers Squibb Co have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Lawsuit Filed for Investors in Bristol-Myers Squibb Co (NYSE:BMY) Against Certain Directors of Bristol-Myers Squibb
A lawsuit was filed by investor in Bristol-Myers Squibb Co (NYSE:BMY) shares over alleged wrongdoing at Bristol-Myers Squibb Co and NYSE:BMY stockholders should contact the Shareholders Foundation.