BIIB - BIOGEN ALERT: Bragar Eagel & Squire P.C. Announces that a Class Action Lawsuit Has Been Filed Against Biogen Inc. and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, May 24, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Biogen Inc. ("Biogen" or the "Company") (NASDAQ:BIIB) in the United States District Court for the District of Colorado on behalf of all persons and entities who purchased or otherwise acquired Biogen securities between February 3, 2022 and February 13, 2024, both dates inclusive (the "Class Period"). Investors have until July 22, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Biogen is a global biopharmaceutical company that discovers, develops, and delivers therapies for people living with serious and complex diseases worldwide. The Company operates in various countries throughout the Americas, Europe, and Asia.
Biogen's products include, among others, Leqembi and Aduhelm for the treatment of Alzheimer's disease ("AD"), as well as various drugs for the treatment of multiple sclerosis ("MS"). Biogen's sales of its MS-related products have historically accounted for the majority of the Company's product revenues. However, in recent years, increased competition from generic biosimilars of Biogen's MS-related products have eroded those products' revenue growth and led to declining sales. As a result, the Company has increasingly focused on developing new products to bolster its revenues. Accordingly, because AD-related treatments represented a lucrative market for Biogen, the Company's AD-related products were particularly important to Defendants and investors throughout the Class Period.
In 2021, in a major set-back to the Company's development of AD treatments, Biogen was mired in controversy after investigative reports revealed that the Company had engaged in potentially improper communications with representatives of the U.S. Food and Drug Administration ("FDA") to win regulatory approval of Aduhelm for the treatment of AD, despite concerns regarding, inter alia, the drug's safety and efficacy. Biogen and the FDA's communications and conduct have been the subject of investigations by the U.S. Federal Trade Commission, the U.S. Securities and Exchange Commission ("SEC"), multiple Congressional Committees, and the Office of the Inspector General of U.S. Department of Health and Human Services.
Nor were the foregoing investigations the only source of controversy for Biogen. Separately, in 2022, the U.S. Department of Justice ("DOJ") announced that Biogen had agreed to pay $900 million to settle allegations that it had caused the submission of false claims to Medicare and Medicaid by paying kickbacks to physicians to induce them to prescribe the Company's MS-related drugs.
Following these controversies, Biogen embarked on a campaign to purportedly enhance its transparency, corporate governance, and compliance controls and procedures. Among other things, the Company replaced its Chief Executive Officer ("CEO") in November 2022 and has since released compliance, corporate responsibility, and environmental, social, and governance reports touting the Company's purportedly enhanced compliance ...