NEW YORK, Oct. 24, 2016 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP (“Labaton Sucharow”) announces that on October 20, 2016, it filed a securities class action lawsuit on behalf of its client Electrical Workers Pension Fund, Local 103, International Brotherhood of Electrical Workers (“Local 103”) against Biogen Inc. (“Biogen” or the “Company”) (Nasdaq:BIIB), and certain of its senior executives (collectively, “Defendants”). The action, which is captioned Electrical Workers Pension Fund, Local 103, IBEW v. Kingsley, No. 16-cv-12101 (D. Mass.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and U.S. Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder, on behalf of all persons or entities who purchased or otherwise acquired the publicly traded securities of Biogen during the period from July 23, 2014 through July 23, 2015, inclusive (the “Class Period”).
Biogen is a global biopharmaceutical company that develops and markets treatments for certain neurological, autoimmune, and hematological diseases. The Complaint alleges that during the Class Period, Defendants violated provisions of the Exchange Act by issuing false and misleading statements concerning the safety profile and growth prospects of Tecfidera, an immunosuppressant that is prescribed to treat multiple sclerosis (“MS”) and Biogen’s main driver of revenues during the Class Period. Specifically, the action alleges that Biogen publicly touted Tecfidera’s attractive safety profile and solid growth trajectory but was aware that Tecfidera was weakening the immune system for MS patients taking the drug causing physicians to discontinue prescriptions of Tecfidera.
The true state of Biogen’s false statements came to light through a series of partial disclosures beginning in late October 2014. Specifically, on October 22, 2014, Biogen was forced to partially disclose the safety risks of Tecfidera when the Company 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.” Finally, on July 24, 2015, the Company abruptly cut its revenue guidance in half, “based largely on revised expectations for the growth of Tecfidera”—which it blamed on safety concerns following the patient death. On this news, Biogen’s common stock plummeted from $385.05 per share at the market close on July 23, 2015 to $300.03 per share at the market close on July 24, 2015, a decline of more than 22%.
If you purchased or acquired the publicly traded securities of Biogen during the Class Period, you are a member of the “Class” and may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the U.S. District Court for the District of Massachusetts no later than December 23, 2016. The Lead Plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as Lead Plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as Lead Plaintiff or have any questions about this lawsuit, you may contact Francis P. McConville, Esq. of Labaton Sucharow, at (800) 321-0476, or via email at fmcconville@labaton.com. You can view a copy of the complaint online at http://www.labaton.com/en/cases/Biogen-II-Securities-Litigation.cfm
Local 103 is represented by Labaton Sucharow, which represents many of the largest pension funds in the United States and internationally with collective assets under management of more than $2 trillion. Labaton Sucharow’s litigation reputation is built on its half-century of securities litigation experience, 60 full-time attorneys, and in-house team of investigators, financial analysts, and forensic accountants. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY and Wilmington, DE. More information about Labaton Sucharow is available at www.labaton.com.