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LOS ANGELES, June 24, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises investors in Biogen Inc. (“Biogen”) (NASDAQ: BIIB) who have suffered significant losses to contact Lesley Portnoy, Esq.
Investors are encouraged to contact Attorney Lesley F. Portnoy by phone at 310-692-8883 or by email at [email protected] to discuss their legal claims, or click here to join the case at www.portnoylaw.com. The Portnoy Law Firm can provide a free case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Investors who invested between February 2, 2022 and February 13, 2024 are encouraged to Click here to participate in this case.
Throughout the Class Period, Defendants made materially false and misleading statements about the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Biogen overstated its efforts to improve transparency, corporate governance and compliance controls and procedures and the effectiveness of those controls and procedures; (2) Biogen accordingly maintained inadequate compliance controls and procedures in connection with its foreign operations; (3) Biogen and/or its employees engaged in unlawful or otherwise inappropriate conduct in several countries; (4) the foregoing placed the Company at increased risk of governmental and/or regulatory scrutiny and enforcement actions, as well as significant legal, financial and reputational damage; (5) Biogen overstated the strength of its Alzheimer’s-related product portfolio, including the Company’s and Eisai’s efforts and success in launching and delivering Leqembi; (6) Biogen also downplayed the negative impact the Reata acquisition would have on its fiscal 2023 diluted non-GAAP earnings per share; (7) all of the foregoing would likely have a material adverse effect on Biogen’s 2023 results; and (8) as a result, the Company’s public statements were materially false and misleading at all relevant times.
The truth came out on November 8, 2023, when Biogen revised its fiscal year 2023 non-GAAP diluted earnings per share guidance downward to $14.50 to $15.00 per share. This was well below its previous fiscal year 2023 non-GAAP diluted earnings per share guidance of $15.00 to $16.00 per share. The reason given was approximately $0.75 in dilution from the Reata acquisition. On this news, Biogen’s share price fell by $13.92 per share, closing at $231.69 per share on November 8, 2023.
After several more revelations in January 2024 and early February 2024, which were followed by a decline in Biogen’s stock price, the final truth came to light on February 14, 2024, when Biogen announced in an SEC filing that it had received a subpoena from the DOJ “requesting information regarding (Biogen’s) operations in several foreign countries” and that “the Company is also providing the SEC with information regarding (its) operations in several foreign countries.” Following this news, Biogen’s stock price fell $5.91 per share, or 2.61%, closing at $220.74 per share on February 14, 2024.
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The Portnoy Law Firm represents investors in claims arising from corporate malpractice. The firm’s founding partner has recovered more than $5.5 billion for injured investors. Attorney Advertising. Past results do not guarantee similar results.
Lesley F. Portnoy, Esq.
Admitted to the bar in California and New York
[email protected]
310-692-8883
www.portnoylaw.com
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