Bristol-Myers Shares Fall on Warning
Shares of Bristol-Myers Squibb Co. fell after the pharmaceutical maker disclosed that it may have to restate results because it had encouraged wholesalers to buy too many drugs as a way to pad its revenue.
In a securities filing, Bristol-Myers also stated that a probe by the Securities and Exchange Commission into the overstocking issue might become “a more formal investigation.”
The SEC is investigating the sales promotion to see if it inflated Bristol-Myers 2001 earnings by up to $1 billion. The company said it is cooperating with the SEC.
Bristol-Myers’ shares fell 95 cents, or 4%, to $22.66 on the NYSE.
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