Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
10/06/2021
Initial Lawsuit
10/06/2021
Lawsuit Progression
12/22/2021
This class action is brought on behalf of all former Celgene shareholders that received Contingent Value Rights (CVRs) in exchange for their Celgene shares pursuant to Bristol’s $74 billion acquisition of Celgene on November 20, 2019, and who were damaged thereby.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Bristol submitted FDA filings that omitted volumes of basic information concerning Liso-cel in contravention of industry standards and Bristol’s own long-standing practices in a multitude of prior FDA filings;
(ii) Bristol knew that each defective submission would delay FDA review, inspection and approval of Liso-cel;
(iii) Bristol plainly exploited the approval process to ensure those delays would cause it to miss the Liso-cel Milestone and evade payment to CVR holders;
(iv) material omission of facts from public fillings made with the Securities and Exchange Commission (SEC) seeking approval of the merger and detailing responsibilities being assumed by Bristol Myers Squib regarding specific product lines that were not fulfilled, or were fulfilled poorly, damaging the valuation and standing of the product line and the company’s profitability.*
*allegations were reworded and rephrased, see complaint for exact allegations.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.