Kessler Topaz Meltzer & Check, LLP reminds investors

RADNOR, Pa., June 29, 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 have suffered Biogen losses, you can do this CLICK HERE or go to:

You may also contact attorney Jonathan Naji, Esq. Kessler Topaz at (484) 270-1453 or [email protected]. The deadline to file a complaint is July 22, 2024.

ALLEGED IMPROPER CONDUCT 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 said it “continued to perform well in (the fourth quarter) despite the challenges we faced” and that “we have introduced the first FDA-approved treatment (for Alzheimer’s disease) in nearly 20 years and are working with the Centers for Medicare and Medicaid Services with the hopes of finding a path to immediate patient access.”

Throughout the Complaint Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Biogen exaggerated its efforts to enhance transparency, corporate governance, and compliance controls and procedures, and the effectiveness of such controls and procedures; (2) as a result, Biogen maintained insufficient compliance controls and procedures in connection with its business operations in foreign countries; (3) Biogen and/or its employees engaged in unlawful or otherwise improper conduct in several foreign countries; (4) the foregoing exposed the Company to increased risk of governmental and/or regulatory scrutiny and enforcement actions, as well as significant legal, financial, and reputational harm; (5) Biogen exaggerated the strength of its Alzheimer’s disease product portfolio, including the Company’s and Eisai’s efforts and the success in launching and providing access to Leqembi; (6) Biogen also downplayed the negative impact that the Reata acquisition would have on its non-GAAP diluted earnings per share in fiscal year 2023; (7) all of the foregoing factors are likely to have a material adverse effect on Biogen’s results in fiscal year 2023; 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, significantly below its previous fiscal year 2023 non-GAAP diluted earnings per share guidance of $15.00 to $16.00 per share, citing approximately $0.75 of dilution from the Reata acquisition. On this news, Biogen’s stock price fell $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.

WHAT CAN I DO?
Biogen investors can, no later than 22 July 2024, seek appointment as lead class plaintiff through Kessler Topaz Meltzer & Check, LLP or other legal counsel, or elect 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 company directly for additional information. Class action lawsuit against Biogen, Gray v. Biogen Inc. et al., Case No. 24-cv-01444 was filed in the United States District Court for the District of Colorado.

CLICK HERE SIGNING UP FOR A CASE or go to:

WHO CAN BE THE MAIN POWER?
A lead plaintiff is a representative party who acts on behalf of all class members to direct the litigation. The primary plaintiff is typically an investor or a small group of investors who have the greatest financial interest and who are relevant 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, will serve as lead or class counsel. The decision whether to serve as lead plaintiff does not affect your ability to participate in any recovery.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class actions in state and federal courts throughout the country and around the world. The company has earned a global reputation for excellence and has recovered billions of dollars from victims of fraud and other corporate abuses. All of our work is guided by a common purpose: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. No complaint in this proceeding was 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, attorney
(484) 270-1453
280 Royal Prussian Road
Radnor, Pennsylvania 19087
[email protected]

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