BOSTON, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that it has filed a class action lawsuit on behalf of shareholders against Biogen, Inc. (NASDAQ: BIIB) and certain of its executives for securities fraud. The complaint was brought in United States District Court for the District of Massachusetts and is captioned Oklahoma Firefighters Pension and Retirement System v. Biogen, Inc., No. 1:22-cv-10200 (D. Mass.) and is brought on behalf of investors that incurred damages on their purchases in Biogen common stock between June 7, 2021 and January 11, 2022, inclusive (the “Class Period”).

A class has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

Investors who purchased Biogen shares between June 7, 2021 and January 11, 2022 and who lost money are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or to visit our website for information on the case.

The deadline to seek appointment as lead plaintiff is April 8, 2022.

What is this all about?

Biogen is a multinational biotechnology company well known for proprietary treatments for Multiple Sclerosis (“MS”) and other chronic conditions. 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, the lawsuit alleges.

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.

If you purchased or acquired Biogen shares between June 7, 2021 and January 11, 2022 and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or visit our website. The deadline to seek appointment as lead plaintiff is April 8, 2022.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.

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CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: [email protected] 

SOURCE: Block & Leviton LLP
www.blockleviton.com