Case Summary

Biogen

NASDAQ: BIIB

Case Details

  • Gray v. Biogen Inc. et al.
  • Class Period:February 3, 2022 - February 13, 2024
  • Date Filed:May 22, 2024
  • Jurisdiction:U.S. District Court, District of Colorado
  • Docket Number: 1:24-cv-01444
  • Lead Plaintiff Deadline: July 22, 2024
Days Left to
Seek Plaintiff
27

Overview

A class action lawsuit has been filed against Biogen, Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Biogen lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Biogen securities between February 3, 2022, and February 13, 2024, both dates inclusive (the “Class Period”).  Investors have until July 22, 2024, to seek appointment as lead plaintiff of the Biogen class action lawsuit.

Biogen is a global biopharmaceutical company that discovers, develops, and delivers therapies for people living with serious and complex diseases worldwide.  The Company operates in various countries throughout the Americas, Europe, and Asia.  Biogen’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.  Accordingly, because AD-related treatments represented a lucrative market for Biogen, the Company’s AD-related products were particularly important to Defendants and investors throughout the Class Period.  

The Biogen class action lawsuit alleges that Defendants, throughout the Class Period, made materially false and misleading statements regarding the Company’s business, operations, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) accordingly, Biogen maintained inadequate compliance controls and procedures in connection with its business operations in foreign countries; (3) Biogen and/or its employees were engaged in unlawful or otherwise improper conduct in several foreign countries; (4) the foregoing subjected the Company to a heightened risk of governmental and/or regulatory scrutiny and enforcement action, as well as significant legal, financial, and reputational harm; (5) 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; (6) Biogen also downplayed the negative impact that the Reata Acquisition would have on its fiscal year 2023 non-GAAP diluted earnings per share; (7) all the foregoing were likely to have a significant negative impact on Biogen’s 2023 results; and (8) as a result, the Company’s public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired Biogen securities between February 3, 2022, and February 13, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Biogen lawsuit is July 22, 2024.

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