RADNOR, Pa., July 14, 2024 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the District of Colorado against Biogen Inc. (“Biogen”) ( BIIB). The action charges Biogen with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to 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 suffered Biogen losses, you may 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 can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at [email protected]. The lead plaintiff deadline is July 22, 2024.
DEFENDANTS’ ALLEGED MISCONDUCT
The Class Period begins on February 3, 2022, when Biogen issued a press release announcing the company’s Q4 and FY 2021 results. In its release, the company stated that it “continued to execute well in [Q4] despite the challenges we have faced,” and that “[w]e have introduced the first FDA approved treatment for [Alzheimer’s disease] in nearly 20 years, and we are engaging with the Centers for Medicare and Medicaid Services with the hope of finding a path for immediate patient access.”
Throughout the Class Period, Defendants 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 Alzheimer’s disease-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 FY 2023 non-GAAP diluted EPS; (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. The truth began to emerge on November 8, 2023, when Biogen negatively revised its non-GAAP diluted EPS guidance for fiscal year 2023 in a range of $14.50 to $15.00 per share, significantly below its previous guidance of fiscal year 2023 non-GAAP diluted EPS of $15.00 to $16.00 per share, citing approximately $0.75 of dilution from its acquisition of Reata. On this news, the price of Biogen shares declined by $13.92 per share to close at $231.69 per share on November 8, 2023.
After several additional disclosures in January 2024 and early February 2024 which were followed by drops in Biogen’s stock price, the final truth was revealed on February 14, 2024, when 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.
WHAT CAN I DO?
Biogen investors may, no later than July 22, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Biogen investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Biogen, Gray v. Biogen Inc., et al., Case No. 24-cv-01444, is filed in the United States District Court for the District of Colorado.
CLICK HERE TO SIGN UP 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 A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
