SAN DIEGO, July 02, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Biogen Inc. (NASDAQ: BIIB) securities between February 3, 2022 and February 13, 2024. Biogen is a global biopharmaceutical company that discovers, develops, and delivers therapies for people living with serious and complex diseases worldwide.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Biogen Inc. (BIIB) Misled Investors Regarding its Financial Prospects
According to the complaint, during the class period defendants failed to disclose 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) 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; (v) 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; (vi) Biogen also downplayed the negative impact that the Reata Acquisition would have on its FY 2023 non-GAAP diluted EPS; (vii) all the foregoing were likely to have a significant negative impact on Biogen’s 2023 results; and (viii) as a result, the Company’s public statements were materially false and misleading at all relevant times. As the public digested the truth, Biogen’s stock price fell.
The complaint further alleges that 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.
What Now: You may be eligible to participate in the class action against Biogen Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by July 22, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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