Class action lawsuit filed on behalf of

Investors can contact law firm for free to learn more about recovering losses.

LOS ANGELES, June 24, 2024 (GLOBE NEWSWIRE) — Portnoy Law Firm advises Biogen Inc. investors. (“Biogen”) (NASDAQ: BIIB) who have suffered significant losses to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy at 310-692-8883 or [email protected] to discuss their rights or click here to join the case via www. portnoylaw.com. Portnoy Law Firm can evaluate your case free of charge and discuss investors’ options for pursuing claims to recover their losses.

We encourage investors who invested between February 2, 2022 and February 13, 2024. click here to take part in this matter.

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 efforts and successes of the company and Eisai 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 material 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 “the Company also provides the SEC with information relating to (its) business activities in several foreign countries.” 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.

Please visit our website for additional information and to submit your transaction details.

Portnoy Law Firm represents investors in pursuing claims resulting from corporate irregularities. The company’s founding partner recovered over $5.5 billion for injured investors. Attorney advertising. Past performance does not guarantee similar results.

Lesley F. Portnoy, Esq.
Admitted to the bar in California and New York
[email protected]
310-692-8883
www.portnoylaw.com
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