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Member, Beacon International Group, Ltd.
NEW YORK--Bristol-Myers Squibb Co. will pay $300 million to settle a securities class-action lawsuit brought by shareholders accusing the company of corrupt accounting and investment practices.
The suit charged, among other things, that current and former officers of the New York-based drug company artificially boosted the company's profits by million of dollars.
Under the terms of the settlement, which is still pending approval in Manhattan federal court, Bristol-Myers Squibb did not admit to any wrongdoing. The proposed settlement does not close other private litigation pending against the company or affect government investigations related to wholesaler inventory issues and other accounting matters, the company said in a statement.
The settlement amount will be charged to a liability reserve account the company bolstered last quarter by nearly $320 million, the statement said.