(BIIB) NEWS: Did you Suffer a Substantial Loss? Contact Johnson Fistel About Leading Biogen Inc. Class Action Lawsuit
SAN DIEGO- Newsfile—February 8, 2022
Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Biogen Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB) who purchased Biogen common stock between June 7, 2021 and January 11, 2022, both dates inclusive (the “Class Period”). To serve as lead plaintiff in this class action, you must move the Court no later than April 8, 2022.
What actions may I take at this time? If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number. Additionally, you can:
To join this action, you can go to: https://www.cognitoforms.com/JohnsonFistel/BiogenInc
or [Click here to join this action]. There is no cost or obligation to you.
Biogen is a multinational biotechnology company. In March 2019, Biogen announced it was abandoning Aduhelm, its potential blockbuster drug for treating Alzheimer’s disease.
The complaint alleges that, 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. 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.
A lead plaintiff will act on behalf of all other class members in directing the Biogen class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the Biogen class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
To join this action, you can go to: https://www.cognitoforms.com/JohnsonFistel/BiogenInc
or [Click here to join this action]. There is no cost or obligation to you.