| COMPANY |
Biogen Inc. |
| COURT |
United States District Court for the District of Colorado |
| CASE NUMBER |
24-cv-01444 |
| JUDGE |
The Hon. Philip A. Brimmer |
| CLASS PERIOD |
February 3, 2022 through February 13, 2024 |
| SECURITY TYPE |
Securities |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Biogen Inc. (“Biogen”) (NASDAQ: BIIB) securities between February 3, 2022 and February 13, 2024, both dates inclusive (the “Class Period”).
The Complaint alleges that, throughout the Class Period, Defendants made materially 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 had overstated its efforts to enhance its transparency, corporate governance, and compliance controls and procedures, as well as the efficacy of those controls and procedures; (2) accordingly, Biogen maintained inadequate compliance controls and procedures in connection with its business operations in foreign countries; (3) Biogen and/or its employees were engaged in unlawful or otherwise improper conduct in several foreign countries; (4) the foregoing subjected the Company to a heightened risk of governmental and/or regulatory scrutiny and enforcement action, as well as significant legal, financial, and reputational harm; (5) Biogen overstated the strength of its AD-related product portfolio, including the Company's and Eisai's efforts and success in launching and providing access to Leqembi; (6) Biogen also downplayed the negative impact that the Reata Acquisition would have on its FY 2023 non-GAAP diluted EPS; (7) all the foregoing were likely to have a significant negative impact on Biogen's 2023 results; and (8) as a result, the Company's public statements were materially false and misleading at all relevant times.
Current Status of Case:
On, May 22, 2024, the Initial Complaint was filed. The Court entered an Order granting Motion for Appointment as Lead Plaintiff and Approval of Counsel on September 4, 2024. On October 21, 2024, the Court entered an Order transferring this action to the District of Massachusetts. Lead Plaintiff filed a Corrected Amended Complaint on December 31, 2024. On February 18, 2025, Defendants filed a Motion to Dismiss the Amended Complaint. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.