The Star-Ledger (New Jersey) reports that a court in the D.N.J. is allowing parts of the securities class action pending against Bristol-Myers Squibb to proceed. The case relates to the FDA’s rejection, in April 2000, of a high blood pressure drug developed by the company. Although on Tuesday the court dismissed Bristol’s chief executive from the case and significantly narrowed the claims, the remaining claims could go to trial as early as this winter.
Quote of note: “In response to the judge’s action, Bristol and the lead plaintiff, Long View Collective Investment Fund, both claimed victory and vowed to go to trial. Pretrial discovery, which has taken four years, has generated nearly 4 million pages of documents and sworn statements from 44 witnesses and 23 experts, according to court papers.”
The 10b-5 Daily 