A securities fraud class action lawsuit has been filed

RADNOR, Pa., June 22, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) notifies investors that a securities class action lawsuit has been filed in U.S. District Court on behalf of the District of Colorado v. Biogen Inc. (“Biogen”) (NASDAQ: BIIB). The lawsuit alleges that Biogen violated the federal securities laws, including omissions and false statements regarding the company’s business, operations and prospects. As a result of Biogen’s materially misleading public statements and omissions, Biogen investors have suffered significant losses.

If you suffered Biogen losses, you can do this CLICK HERE or go to:

You can also contact attorney Jonathan Naji, Esq. Kessler Topaz by calling (484) 270-1453 or emailing [email protected]. The deadline for filing a complaint is July 22, 2024.

ALLEGED IMPROPER BEHAVIOR OF THE DEFENDANTS
The class period begins on February 3, 2022, when Biogen issued a press release announcing the company’s fourth quarter and fiscal 2021 results. In its release, the company stated that it “continued to perform well in the fourth quarter despite the challenges it faced ” and that “we have introduced the first FDA-approved drug for (Alzheimer’s disease) in almost 20 years, and we are working with the Centers for Medicare and Medicaid Services in hopes of finding a path for immediate access for patients.”

Throughout the Class Period, defendants made 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 overestimated its efforts to improve transparency, corporate governance and compliance controls and procedures, and the effectiveness of those controls and procedures ; (2) as a result, Biogen maintained inadequate compliance controls and procedures in connection with its overseas business activities; (3) Biogen and/or its employees have engaged in illegal or other improper conduct in several foreign countries; (4) the foregoing exposed the company to increased risk of governmental and/or regulatory scrutiny and enforcement action, as well as significant legal, financial and reputational harm; (5) Biogen overestimated the strength of its Alzheimer’s disease product portfolio, including the company’s and Eisai’s efforts and successes in bringing to market and providing access to Leqembi; (6) Biogen also downplayed the negative impact the Reata acquisition would have on its 2023 non-GAAP diluted EPS; (7) all of the foregoing factors are likely to have a material adverse effect 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 fiscal year 2023 non-GAAP diluted earnings per share guidance to a range of $14.50 to $15.00 per share, well below its previous guidance for fiscal 2023 diluted on a non-GAAP share basis from $15.00 to $16.00 per share, citing a dilution of approximately $0.75 from the Reata acquisition. On this news, Biogen’s stock price fell 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, followed by a decline 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 Department of Justice “for information relating to (Biogen’s) business activities in several foreign countries” and that ”