NEW YORK, Oct. 26, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Biogen Inc. (“Biogen” or the “Company”) (Nasdaq:BIIB) of the December 23, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all those who purchased Biogen stock or options between July 23, 2014 and July 23, 2015 (the “Class Period”). The case, Electrical Workers Pension Fund, Local 103, IBEW v. Kingsley et al, No. 1:16-cv-12101 was filed on October 20, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the full extent of safety issues with Tecfidera, an oral (versus injectable) drug for the treatment of certain forms of multiple sclerosis (“MS”).
Specifically, during an earnings call on October 22, 2014, the Company announced that an MS patient who had taken Tecfidera for four and a half years as part of the ENDORSE clinical study died of progressive multifocal leukoencephalopathy (“PML death”). However, the Company assured the market that the PML death would not have an impact on Tecfidera’s safety profile. Then, on an April 24, 2015 earnings call, the Company partially disclosed that the PML death was having an impact on Tecfidera sales, stating that while Tecfidera “continued to add patients,” it was “at an overall slower rate.” After these announcements, Biogen’s share price fell 5.4% and 6.6%, respectively.
The truth about Tecfidera’s performance during the Class Period was fully and finally disclosed in a press release before the market opened on July 24, 2015, and during an earnings call during the morning of July 24, 2015, in which Defendants announced lower than expected revenues due to poor sales and physician perceptions of Tecfidera, which led to reduced guidance.
After the announcement, Biogen’s share price fell from $385.05 per share on July 23, 2015 to a closing price of $300.03 on July 24, 2015 —a $85.02 or a 22.1% drop.
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Take Action
If you invested in Biogen stock or options between July 23, 2014 and July 23, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/BIIB. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Biogen’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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