SOURCE: Brower Piven, A Professional Corporation

August 04, 2009 18:18 ET

Brower Piven Announces the Filing of Class Action Lawsuit Against Medarex, Inc.

BALTIMORE, MD--(Marketwire - August 4, 2009) - The law firm of Brower Piven, A Professional Corporation, today announced that securities class actions have been commenced on behalf of current shareholders of the common stock of Medarex, Inc. ("Medarex" or the "Company") (NASDAQ: MEDX) in connection with the tender offer by Bristol-Myers Squibb Company. Brower Piven is one of the law firms that has filed such an action.

The case filed by Brower Piven is pending in the United States District Court for the District of New Jersey, Case No. 09-cv-3615, against Medarex, the directors of Medarex, and Bristol-Myers Squibb Company.

The complaint alleges that defendants violated Section 14(e) of the Securities Exchange Act of 1934 by issuing a false and misleading Offer to Purchase and Schedule 14D-9 which failed to apprise Medarex shareholders of the true bases of Medarex's financial valuation. The complaint also alleges that defendants breached their fiduciary duties, or aided and abetted the breach of fiduciary duties, by recommending an unfairly low tender offer to Medarex shareholders. The complaint seeks injunctive and monetary relief.

If you own Medarex common stock, you may request that the Court appoint you as lead plaintiff by September 30, 2009. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Brower Piven, or other counsel of your choice, to serve as your counsel in this action. Attorneys at Brower Piven have over 40 years of combined experience litigating securities and class action cases.

To learn more about this lawsuit and your ability to become a lead plaintiff, you may contact Brower Piven, without obligation or cost to you, at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@browerpiven.com or by calling 410/332-0030.

Contact Information

  • CONTACT:
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Charles J. Piven
    410/332-0030
    Email Contact