FL Fund Slaps Bristol-Myers Squibb with Stock Fraud Suit

November 29, 2004 (PLANSPONSOR.com) - The Florida Retirement System, the nation's fourth-largest public retirement fund, has sued Bristol-Myers Squibb over allegations the fund lost $240 million through its holdings in Bristol-Myers Squibb stock because of company fraud.

Filed in New York state court, the Florida fund’s lawsuit alleges its losses came about from 1999 to 2003 because of the company’s “misrepresentations,”   the Miami Herald reported.

The giant drugmaker settled US Securities and Exchange Commission charges this summer that it had pumped up sales by misusing discounts and incentives to drug wholesalers – five days after agreeing to pay $300 million to settle shareholder lawsuits that claimed the company inflated sales by $2 billion.