Biogen, Inc. (NASDAQ: BIIB)

This lawsuit is for anyone who acquired securities in Biogen, Inc. (NASDAQ: BIBB) from February 3, 2022 and February 13, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company maintained proper controls over a myriad of issues but lacked those controls.

On November 8, 2023, Biogen released its third quarter 2023 financial results, including negatively revised non-GAAP diluted EPS guidance for 2023. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on January 8, 2024, Biogen’s CEO disclosed challenges with the Company’s launch of its Alzheimer’s disease treatment, Leqembi, dissolving prior expectations of having 10,000 patients on the drug by the end of March 2024. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on January 31, 2024, Biogen announced that it was discontinuing the development and commercialization of its drug, Aduhelm and had “recorded a one-time charge of approximately $60 million related to close out costs for the program in the fourth quarter of 2023.” Then, on February 6, 2024, news outlets reported challenges with the launch of Leqembi, stating that only 2,000 patients had been administered the drug. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on February 13, 2024, Biogen released its fourth quarter and full year 2023 financial results, missing consensus estimates of non-GAAP EPS by $0.23 and revenue by $60 million. The Company also disclosed that there were approximately 2,000 patients on Leqembi, and “about 3,800 patients as of last week on the registry,” signifying a much lower number than the previously-set goal of 10,000 patients. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally on February 14, 2024, Biogen disclosed that it had received a subpoena from the DOJ seeking information about its “business operations in several foreign countries.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Biogen, Inc. (NASDAQ: BIBB) from February 3, 2022 and February 13, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.