Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $200,000 In Biogen To Contact Him Directly To Discuss Their Options
New York, New York–(Newsfile Corp. – March 29, 2022) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Biogen, Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB) and reminds investors of the April 8, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $200,000 investing in Biogen stock or options between June 7, 2021 and January 11, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/BIIB.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
Biogen is a multinational biotechnology company well 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. 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, the lawsuit alleges.
Six months after announcing it was abandoning Aduhelm as futile and that the drug failed to show any clinical benefit, Biogen announced it was submitting the drug for FDA approval, portraying the same supporting data as demonstrating the drug as safe and effective. Aduhelm was approved through the FDA’s Accelerated Approval process for the treatment of Alzheimer’s on June 7, 2021.
Shares of Biogen stock skyrocketed by over $100 per share on June 7, 2021. However, over the next six months, investors learned that Aduhelm would not be the blockbuster drug to conquer Alzheimer’s or replace Biogen’s MS drug line-up because the drug was dangerous and ineffective, hospital networks refused to prescribe it, and major insurance companies refused to pay for it, as the lawsuit alleges. Members of the FDA advisory panel resigned in protest over Aduhelm’s approval and Congress demanded to know how the drug had been approved.
By October 2021, Aduhelm was not selling well and in December other global regulators had denied its approval. Following the publication of a draft opinion by the Center for Medicare and Medicaid Services on January 11, 2022, Biogen’s stock price fell to $225 per share, more than 40% lower than where shares had traded on June 7, 2021 following the FDA approval announcement.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Biogen’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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