NEW YORK, May 24, 2024 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of Biogen Inc. (NASDAQ: BIIB)?
- Did you purchase your shares between February 3, 2022 and February 13, 2024, inclusive?
- Did you lose money in your investment in Biogen Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Biogen Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB) between February 3, 2022 and February 13, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Colorado and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Biogen securities, and/or would like to discuss your legal rights and options please visit Biogen Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Biogen is a global biopharmaceutical company that discovers, develops, and delivers therapies for people living with serious and complex diseases worldwide. The Company’s products include, among others, Leqembi and Aduhelm for the treatment of Alzheimer’s disease (“AD”), as well as various drugs for the treatment of multiple sclerosis (“MS”). Biogen’s sales of its MS-related products have historically accounted for the majority of the Company’s product revenues. However, in recent years, increased competition from generic biosimilars of Biogen’s MS-related products have eroded those products’ revenue growth and led to declining sales. As a result, the Company has increasingly focused on developing new products to bolster its revenues.
According to the Complaint, Defendants failed to disclose to investors that: (i) Biogen had overstated its efforts to enhance its transparency, corporate governance, and compliance controls and procedures, as well as the efficacy of those controls and procedures; (ii) accordingly, Biogen maintained inadequate compliance controls and procedures in connection with its business operations in foreign countries; (iii) Biogen and/or its employees were engaged in unlawful or otherwise improper conduct in several foreign countries; (iv) Biogen overstated the strength of its AD-related product portfolio, including the Company’s and Eisai’s efforts and success in launching and providing access to Leqembi; (v) Biogen also downplayed the negative impact that the Reata Acquisition would have on its FY 2023 non-GAAP diluted EPS; and (vi) all the foregoing were likely to have a significant negative impact on Biogen’s 2023 results.
On February 14, 2024, Biogen disclosed in an SEC filing that it had received a subpoena from the DOJ “seeking information relating to [Biogen’s] business operations in several foreign countries” and that “[t]he Company is also providing information relating to [its] business operations in several foreign countries to the SEC.”
On this news, Biogen’s stock price fell $5.91 per share, or 2.61%, to close at $220.74 per share on February 14, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than July 22, 2024. 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 or acquired Biogen securities, and/or would like to discuss your legal rights and options please visit Biogen Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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 sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 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. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
