BIOGEN, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed against Biogen, Inc. in the United States District Court for the District of Massachusetts

Friday, 18. February 2022 15:57

NEW YORK, Feb. 18, 2022 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been in the United States District Court for the District of Massachusetts on behalf of all persons and entities who purchased or otherwise acquired Biogen, Inc. (NASDAQ: BIIB) common stock between June 7, 2021 and January 11, 2022, inclusive.

All investors who purchased the shares of Biogen, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in Biogen, Inc., you may, no later than April 8, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Biogen, Inc.

PLEASE CLICK HERE TO JOIN THE CASE

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.

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 climbed more than $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 sales were trailing publicly announced expectations.

Subsequently, 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.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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