NEW YORK, March 10, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit on behalf of shareholders who purchased or otherwise acquired the securities of Biogen Idec Inc. ("Biogen" or the "Company") (NASDAQ:BIIB) between February 18, 2004 and February 25, 2005, inclusive (the "Class Period").
The complaint alleges Biogen, William Rastetter, and James Mullen violated the Securities Exchange Act of 1934. The Complaint specifically alleges that the Company misrepresented and failed to disclose material adverse facts known to defendants or recklessly disregarded by them: such facts included, (1) that TYSABRI posed serious side effects; (2) that TYSABRI, made patients susceptible to progressive multifocal leukoencephalopathy ("PML") by altering the way certain white blood cells function, allowing PML, a normally dormant virus, to run wild within the human body; (3) that defendants knew and/or recklessly disregarded documented facts that greater incidents of PML can be caused by multiple sclerosis (MS) drugs; and (4) that defendants concealed these facts in order to obtain fast track TYSABRI FDA approval and reap the rewards from sales of the drug.
On February 28, 2005, in the pre-market, Biogen voluntarily suspended the marketing of TYSABRI(r) (natalizumab), a treatment for MS, because of serious adverse events that occurred in patients treated in clinical trials. When Biogen announced the suspension of marketing, Biogen share prices fell $28.63 per share, or 42.44%, and closed at $38.65 on abnormally high share volume.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Biogen securities on any world exchange between February 18, 2004 and February 25, 2005, and sustained damages, you may, no later than May 2, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.