NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, a global investor rights firm, announces that a class action lawsuit has been filed on behalf of all purchasers of Biogen Inc. (NASDAQ:BIIB) securities from January 29, 2015 through July 23, 2015, inclusive (the “Class Period”). The lawsuit seeks to recover investors’ losses under the federal securities laws.
To join the Biogen class action, visit the firm’s website at http://www.rosenlegal.com/cases-700.html, or contact Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the lawsuit, Biogen and certain of its executive officers and directors misrepresented the financial benefits that Biogen would receive from the sale of its drug TECFIDERA. TECFIDERA is one of Biogen’s most important drug products. On multiple occasions during the first half of 2015, the defendants projected 2015 revenue growth between 14% and 16% over 2014. Specifically, the market was told that “TECFIDERA will represent the largest contributor to [Biogen’s] overall revenue growth.”
However, on July 24, 2015, Biogen revealed a correction to its earlier announced revenue growth guidance, decreasing its projected growth by half “based largely on revised expectations for the growth of TECFIDERA.” Consequently, the trading price of Biogen common stock dropped from a closing price of $385.05 on July 23, 2015 to close at $300.03 per share on July 24, 2015, a loss of more than 22%, on extremely heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm’s website at http://www.rosenlegal.com/cases-700.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.