LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces a class action lawsuit has been filed against Biogen Inc. (“Biogen” or the “Company”) (Nasdaq: BIIB) concerning possible violations of federal securities laws between July 23, 2014 and July 23, 2015 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the December 23, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, Biogen issued false and misleading statements concerning the safety profile and growth prospects of Tecfidera, an immunosuppressant that is prescribed to treat multiple sclerosis (“MS”). The Company publicly praised Tecfidera’s attractive safety profile and solid growth trajectory, while aware that the drug weakened the immune system for MS patients, causing physicians to discontinue prescriptions of Tecfidera. On October 22, 2014, Biogen announced the death of a patient linked to Tecfidera. On April 24, 2015, the Company disclosed that the patient death announced in October 2014 was causing Tecfidera sales to grow “at an overall slower rate” but the long-term outlook “remain[ed] strong.” On July 24, 2015, Biogen abruptly cut its revenue guidance in half due to a revised growth expectation for Tecfidera based on safety concerns following the patient death.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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