RADNOR, Pa., June 29, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) advises investors that a class action lawsuit has been filed against Biogen Inc. (“Biogen”) (NASDAQ: BIIB) in the U.S. District Court for the District of Colorado. The lawsuit alleges that Biogen violates the federal securities laws, including omissions and fraudulent misrepresentations regarding the Company’s business, operations and prospects. As a result of Biogen’s materially misleading statements and omissions to the public, Biogen’s investors have suffered significant losses.
If you have suffered losses at Biogen, you can CLICK HERE or go to: https://www.ktmc.com/new-cases/biogen-inc-1?utm_source=PR&utm_medium=link&utm_campaign=biib&mktm=r
You may also contact attorney Jonathan Naji, Esq. of Kessler Topaz by phone at (484) 270-1453 or by email at [email protected]. The deadline to file the lawsuit is July 22, 2024.
ALLEGED MISCONDUCT OF THE DEFENDANT
The class action lawsuit begins on February 3, 2022, when Biogen issued a press release announcing the company’s fourth quarter and fiscal year 2021 results. In the press release, the company stated that it “continued to deliver strong results in the fourth quarter despite the challenges we faced” and that “we launched the first FDA-approved treatment for (Alzheimer’s disease) in nearly 20 years and are working with the Centers for Medicare and Medicaid Services in hopes of finding a path for immediate patient access.”
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 of the Reata acquisition on its fiscal 2023 non-GAAP diluted 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 to light on November 8, 2023, when Biogen revised downward its fiscal 2023 non-GAAP diluted earnings per share guidance to a range of $14.50 to $15.00 per share, significantly below its prior fiscal 2023 non-GAAP diluted earnings per share guidance of $15.00 to $16.00 per share, citing approximately $0.75 of dilution from the Reata acquisition. On this news, Biogen stock price fell $13.92 per share to close 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.
WHAT CAN I DO?
Biogen investors can by 22 July 2024 at the latest, seek to be appointed as lead plaintiff representative for the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or they may choose to do nothing and remain absent as a class member. Kessler Topaz Meltzer & Check, LLP recommends that Biogen investors who have suffered significant losses contact the firm directly for more information. The class action lawsuit against Biogen, Gray v. Biogen Inc. et al. Case number 24-cv-01444 is filed in the U.S. District Court for the District of Colorado.
CLICK HERE TO REGISTER FOR THE CASE or go to: https://www.ktmc.com/new-cases/biogen-inc-1?utm_source=PR&utm_medium=link&utm_campaign=biib&mktm=r
WHO CAN BE THE MAIN CAMP?
A lead plaintiff is a representative party acting on behalf of all class members in directing the litigation. The lead plaintiff is typically the investor or small group of investors who have the largest financial interest and who are also appropriate and typical of the proposed investor class. The lead plaintiff selects counsel to represent the lead plaintiff and the class, and those attorneys, if approved by the court, are lead or class counsel. Your ability to share in any compensation will not be affected by the decision whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class action lawsuits in state and federal courts across the country and around the world. The firm has earned a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from corporate and fiduciary fraud, abuse, misconduct and negligence. The claim in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Street
Radnor, PA 19087
[email protected]
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