HAGENS BERMAN BIIB ALERT: Investors in Biogen Inc. (BIIB) With Significant Losses Have Opportunity to Lead Securities Class Action

Wednesday, 09. February 2022 02:11

SAN FRANCISCO, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Biogen Inc. (NASDAQ: BIIB) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.

Class Period: June 7, 2021 – Jan. 11, 2022
Lead Plaintiff Deadline: April 8, 2022
Visit: www.hbsslaw.com/investor-fraud/BIIB
Contact An Attorney Now: BIIB@hbsslaw.com

Biogen Inc. (BIIB) Securities Class Action:

The lawsuit focuses on Biogen’s and senior management’s statements leading up to- and after- the June 7, 2021 announcement that the FDA approved Biogen’s ADUHELM for the treatment of Alzheimer’s and the treatment’s annual price tag would be $56,000.

According to the complaint, defendants made false and misleading statements and/or failed to disclose that: (1) Biogen submitted the same data to the FDA for approval of ADUHELM that had already, in March 2019, showed the drug had insufficient clinical benefit and supported abandonment; (2) Biogen executives enlisted the FDA’s Director of the Office of Neuroscience (Billy Dunn) to find a path forward for approval; (3) Biogen and senior management waged an undisclosed lobbying campaign with the FDA that was instrumental to the decision to file and approve ADUHELM based on prior clinical data supporting abandonment of the drug; and (4) Medicare and third party payors were unlikely to pay for ADUHELM.

During the seven months after the June 7 announcements, the financial press reported ADUHELM was a dangerous and ineffective treatment, hospital networks refused to prescribe it, major insurance companies refused to pay for it, FDA advisory panel members resigned in protest over its approval, members of Congress demanded explanations of how ADUHELM was approved, the FTC and SEC opened inquiries into the approval and marketing of ADUHELM, and the Center for Medicare and Medicaid Services announced in a draft opinion that it would only pay for ADUHELM under limited circumstances – for those patients in a hospital-sponsored clinical trial.

These events sent the price of Biogen shares sharply lower.

“We’re focused on investors’ losses and proving defendants lied about Biogen’s FDA submission and intentionally misrepresented the company’s business prospects,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Biogen and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Biogen should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BIIB@hbsslaw.com.

About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Reed Kathrein, 844-916-0895

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