BIOGEN INC. (NASDAQ: BIIB) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Biogen Inc. (NASDAQ: BIIB)
NEW YORK, Feb. 8, 2022 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Biogen Inc. ("Biogen" or the "Company") (NASDAQ: BIIB) common stock between June 7, 2021 and January 11, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the District of Massachusetts and alleges violations of the Securities Exchange Act of 1934.
If you purchased Biogen securities, and/or would like to discuss your legal rights and options please visit or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Biogen is a multinational biotechnology company well-known for proprietary treatments for Multiple Sclerosis (MS) and other chronic conditions. In March 2019, Biogen announced it was abandoning Aduhelm, its potential blockbuster drug for treating Alzheimer's disease.
The complaint alleges that, contrary to this decision, a group of Biogen executives began to meet with the FDA's Director of the Office of Neuroscience in an effort to gain FDA approval for Aduhelm. Six months after announcing it was abandoning Aduhelm as futile and that the drug failed to show any clinical benefit, Biogen announced it was submitting the drug for FDA approval, portraying the same supporting data as demonstrating the drug as safe and effective. Aduhelm was approved through the FDA's Accelerated Approval process for the treatment of Alzheimer's on June 7, 2021. Shares of Biogen stock skyrocketed by over $100 per share on June 7, 2021.
However, over the next six months, investors learned that Aduhelm would not be the blockbuster drug to conquer Alzheimer's or replace Biogen's MS drug line-up because the drug was dangerous and ineffective, hospital networks refused to prescribe it, and major insurance companies refused to pay for it, as the lawsuit alleges. Members of the FDA advisory panel resigned in protest over Aduhelm's approval, and Congress demanded to know how the drug had been approved. By October 2021, Aduhelm was not selling well, and in December other global regulators had denied its approval.
Following the publication of a draft opinion by the Center for Medicare and Medicaid Services on January 11, 2022, Biogen's stock price fell to $225 per share, more than 40% lower than where shares had traded on June 7, 2021 following the FDA approval announcement.
If you wish to serve as lead plaintiff, you must move the Court no later than April 8, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased BIIB securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/biogeninc-biib-shareholder-lawsuit-class-action-fraud-stock-481/ or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joe Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
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