Biogen Inc. Company News: Berger Montague Investigating Securities Fraud Allegations Against Biogen, Inc. (BIIB); The deadline for the lead applicant is April 8, 2022 | 2022-03-11 | Press Releases
Philadelphia, Pa.–(Newsfile Corp. – March 11, 2022) – Shepherd Montague investigating allegations of securities fraud on behalf of investors who purchased securities of Biogen, Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB) between June 7, 2021 and January 11, 2022 (the “Class Period”).
If you purchased Biogen securities during the Class Period, wish to discuss the Berger Montague investigation, or have any questions regarding your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875- 3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/biogen-inc/.
Whistleblowers: Anyone with nonpublic information about Biogen is encouraged to confidentially participate in Berger Montague’s investigation or take advantage of the SEC’s whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Biogen, headquartered in Cambridge, Massachusetts, is a biotechnology company known for its proprietary treatments for multiple sclerosis (“MS”) and other chronic diseases. In March 2019, Biogen announced that it was discontinuing Aduhelm, its potential lead drug for the treatment of Alzheimer’s disease. However, according to a recently filed lawsuit, contrary to this decision, a group of Biogen executives began meeting with the director of the FDA’s office of neuroscience in an effort to obtain FDA approval for Aduhelm.
On June 7, 2021, Biogen announced that the FDA had approved Aduhelm through the agency’s expedited approval process. On this news, shares of Biogen soared more than $100 per share, from a closing price of $286.14 on June 6, 2021 to $395.85 on June 7, 2021.
However, according to the lawsuit, over the following months investors learned that Aduhelm was dangerous and ineffective and that hospitals refused to prescribe it and major insurance companies refused to cover it. In fact, members of the FDA advisory committee resigned in protest of Aduhelm’s approval. Federal regulators and congressional committees have launched investigations into the drug’s approval.
On January 11, 2022, the Center for Medicare and Medicaid Services released its draft advisory revealing that Medicare would only cover Aduhelm for patients enrolled in a clinical trial. On this news, Biogen’s stock price fell to $225 per share, more than 40% below the price at which the shares traded after the FDA approval announcement.
Shepherd Montaguewith offices in Philadelphia, Minneapolis, Washington, D.C. and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and acts as lead counsel before the courts. across the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell’Angelo, executive shareholder
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