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ARKANSAS PUB. EMPLOYEES v. BRISTOL-MYERS SQUIBB

No. 20-3716-cv August Term 2021.

28 F.4th 343 (2022)

ARKANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM, Louisiana Sheriffs' Pension & Relief Fund, Erste-Sparinvest Kapitalanlagegesellschaft Mbh, Plaintiffs-Appellants, Jennifer Tung, Individually and on behalf of all others similarly situated, Metzler Asset Management GMBH, Plaintiffs v. BRISTOL-MYERS SQUIBB COMPANY, Michael Giordano, Fouad Namouni, Francis M. Cuss, Giovanni Caforio, Lamberto Andreotti, Charles A. Bancroft, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: March 11, 2022.

Attorney(s) appearing for the Case

Salvatore J. Graziano , Bernstein Litowitz Berger & Grossmann LLP, New York, NY ( Lauren A. Ormsbee , Jesse L. Jensen ; Javier Bleichmar , Bleichmar Fonti & Auld LLP, New York, NY; William H. Narwold , Motley Rice LLC, Hartford, CT; Robert D. Klausner , Klausner, Kaufman, Jensen & Levinson, PA, Plantation, FL on the brief), for Plaintiffs-Appellants.

Yosef J. Riemer , Kirkland & Ellis LLP, New York, NY ( Matthew Solum , Daniel R. Cellucci on the brief), for Defendants-Appellees.

Before: Livingston, Chief Judge, Jacobs, Menashi, Circuit Judges.

This securities class action arises from a failed clinical trial conducted to ascertain whether a cancer drug in development would be more effective than chemotherapy in treating a specific type of lung cancer. Understanding the allegations of misstatement in the case requires a rudimentary understanding of the science...

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