SAN DIEGO, July 16, 2024 (GLOBE NEWSWIRE) – Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Biogen Inc. (NASDAQ: BIIB) securities between February 3, 2022 and February 13, 2024, inclusive (the “Litigation Period”) have until Monday, July 22, 2024 to seek appointment as lead plaintiff in the Biogen Class action lawsuit. Subtitled Gray v. Biogen Inc.No. 24-cv-01444 (D. Colo.), the Biogen A class action lawsuit accuses Biogen and some of the company’s current and former top executives of violating the Securities Exchange Act of 1934.
If you have suffered significant losses and wish to serve as lead plaintiff, Biogen Class action lawsuit, please enter your information here:
https://www.rgrdlaw.com/cases-biogen-inc-class-action-biib.html
You can also contact lawyers JC Sanchez or Jennifer N. Caringal of Robbins Geller at 800/449-4900 or by email at [email protected]. Lead plaintiff motions for the Biogen Class action lawsuit must be filed with the court no later than July 22, 2024.
Allegations in the case: Biogen’s products include Leqembi and Aduhelm for the treatment of Alzheimer’s disease (“AD”) and several medicines for the treatment of multiple sclerosis.
The Biogen A class action lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Biogen overstated its efforts to improve its transparency, corporate governance and compliance controls and procedures and the effectiveness of those controls and procedures; (ii) Biogen accordingly maintained inadequate compliance controls and procedures in connection with its foreign operations; (iii) Biogen and/or its employees acted unlawfully or otherwise improperly in several countries; (iv) Biogen thereby exposed itself to an increased risk of governmental and/or regulatory scrutiny and enforcement actions, as well as significant legal, financial and reputational damages; (v) Biogen overstated the strength of its AD-related product portfolio, including the efforts and successes of Biogen and Eisai Co., Ltd. in bringing Leqembi to market and providing access to it; (vi) Biogen also downplayed the negative impact that the acquisition of Reata Pharmaceuticals, Inc. would have on its fiscal year (“FY”) 2023 non-GAAP diluted earnings per share (“EPS”); and (vii) all of the above would likely have a material adverse impact on Biogen’s 2023 results.
The Biogen The class action lawsuit further alleges that on November 8, 2023, 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, and that this was due to approximately $0.75 of dilution from the Reata acquisition. Following this news, Biogen’s stock price fell nearly 6%, according to the lawsuit.
The Biogen The class action lawsuit further alleges that on January 8, 2024, Biogen’s CEO, defendant Christopher A. Viehbacher, discussed the challenges associated with bringing Leqembi to market and backed away from earlier expectations that 10,000 patients would be taking the drug by the end of March 2024. According to the lawsuit, Biogen’s stock price fell on the news.
Then, on February 6, 2024, news reports emerged that Eisai, Biogen’s partner in developing Leqembi, was facing challenges in bringing the drug to market and that only 2,000 patients in the United States had been administered the drug, according to the complaint. Following this news, Biogen’s stock price fell by about 2%, according to the complaint. Biogen class action lawsuit.
Subsequently, on February 13, 2024, Biogen announced its fourth quarter (“Q4”) and fiscal 2023 results, including non-GAAP earnings per share of $2.95 for the fourth quarter, which missed consensus estimates by $0.23, and revenue of $2.4 billion for the fourth quarter, which missed consensus estimates by $60 million and represented a year-over-year decrease of 5.5%, according to the complaint. Biogen also announced that fourth quarter “GAAP and non-GAAP diluted earnings per share were negatively impacted by $0.35 related to (the) previously announced closing costs for ADUHELM,” confirmed that Biogen “currently has approximately 2,000 patients on (Leqembi)” and that there were “indications that approximately 3,800 patients were in the registry as of last week” – significantly less than the 10,000 patient target set by Biogen and Eisai for the end of the following month, according to the complaint. Following this news, Biogen’s share price fell more than 7%, according to the complaint. Biogen class action lawsuit.
Finally, the Biogen The class action lawsuit alleges that on February 14, 2024, Biogen announced that it had received a subpoena from the U.S. Department of Justice “requesting information regarding (Biogen’s) operations in multiple countries” and that “the company is also providing information to the SEC regarding (its) operations in multiple countries.” Following this news, Biogen’s stock price fell more than 2%, according to the lawsuit.
The lead plaintiff proceedings: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased or acquired Biogen securities during the Class Period to seek appointment as lead plaintiff in the Biogen class action. A lead plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class, which is also typical and appropriate for the putative class. A lead plaintiff acts on behalf of all other class members in directing the Biogen Class action lawsuit. The lead plaintiff may select a law firm of his choice to conduct the litigation Biogen Class action lawsuit. An investor’s ability to participate in any potential future recovery does not depend on whether he or she serves as lead plaintiff in the Biogen class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action law firms representing plaintiffs in securities fraud cases. Over the past decade, our firm has ranked first in the ISS Securities Class Action Services firm rankings for obtaining the highest monetary awards for investors in six of the past 10 years. Over the past four years, Robbins Geller has recovered $6.6 billion for investors in securities class actions – over $2.2 billion more than any other firm during that time period. With 200 attorneys in 10 offices, Robbins Geller is one of the largest plaintiffs’ law firms in the world, and the firm’s attorneys have obtained many of the largest securities class action awards in history, including the largest ever securities class action award – $7.2 billion – in In re Enron Corp. Sec. LitigationFor more information, see the following page:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
JC Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
[email protected]
