Philadelphia, Pennsylvania–(Newsfile Corp. – March 11, 2022) – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Biogen, Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB) between June 7, 2021 and January 11, 2022 (the “Class Period”).
If you purchased Biogen securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/biogen-inc/.
Whistleblowers: Anyone with non-public information regarding Biogen is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Biogen, headquartered in Cambridge, MA, is a biotechnology company known for proprietary treatments for Multiple Sclerosis (“MS”) and other chronic conditions. In March 2019, Biogen announced it was abandoning Aduhelm, its potential blockbuster drug for treating Alzheimer’s disease. However, according to a recently filed lawsuit, contrary to this decision, a group of Biogen executives began to meet with the FDA’s Director of the Office of Neuroscience in an effort to gain FDA approval for Aduhelm.
On June 7, 2021, Biogen announced that the FDA had approved Aduhelm through the agency’s Accelerated Approval process. On this news, shares of Biogen stock skyrocketed by more than $100 per share, from a closing price of $286.14 on June 6, 2021 to $395.85 on June 7, 2021.
However, according to the lawsuit, over the next several months, investors learned that Aduhelm was dangerous and ineffective and that hospitals refused to prescribe it and major insurance companies refused to cover it. In fact, members of the FDA advisory panel resigned in protest over Aduhelm’s approval. Federal regulators and Congressional committees have launched investigations into the drug’s approval.
On January 11, 2022, the Center for Medicare and Medicaid Services published its draft opinion revealing that Medicare would cover Aduhelm only for patients enrolled in a clinical trial. On this news, Biogen’s stock price fell to $225 per share, more than 40% lower than the price at which shares traded following the announcement of FDA approval.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
Michael Dell’Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116437
