Robbins LLP reminds investors

SAN DIEGO, May 31, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a class action lawsuit has been filed by a shareholder on behalf of individuals and entities who purchased or otherwise acquired Biogen Inc. (NASDAQ: BIIB) securities between February 3, 2022 and February 13, 2024. Biogen is a global biopharmaceutical company that discovers, develops and delivers therapies for people with serious and complex diseases worldwide.

For more information, submit a form, email Attorney Aaron Dumas, Jr., or call us at (800) 350-6003.

The accusations: Robbins LLP is investigating allegations that Biogen Inc. (BIIB) misled investors about its financial prospects

According to the complaint, during the Class Period, defendants failed to disclose: (i) Biogen overstated its efforts to improve its transparency, corporate governance and compliance controls and procedures and the effectiveness of those controls and procedures; (ii) Biogen accordingly maintained inadequate compliance controls and procedures in connection with its foreign operations; (iii) Biogen and/or its employees engaged in unlawful or otherwise inappropriate conduct in several countries; (iv) thereby exposing the Company to an increased risk of governmental and/or regulatory scrutiny and enforcement actions, as well as significant legal, financial and reputational damages; (v) Biogen overstated the strength of its AD-related product portfolio, including the Company’s and Eisai’s efforts and success in bringing Leqembi to market and providing access to Leqembi; (vi) Biogen also underplayed the negative impact of the Reata acquisition on its fiscal 2023 non-GAAP diluted earnings per share; (vii) all of the foregoing would likely have a material adverse effect on Biogen’s 2023 results; and (viii) as a result, the Company’s public statements were materially false and misleading at all relevant times. As the public digested the truth, Biogen’s stock price fell.

The lawsuit further alleges that on February 14, 2024, Biogen disclosed in an SEC filing that it had received a subpoena from the DOJ “requesting information regarding (Biogen’s) operations in several foreign countries” and that “the Company is also providing the SEC with information regarding (its) operations in several foreign countries.” Following this news, Biogen’s stock price fell $5.91 per share, or 2.61%, to close at $220.74 per share on February 14, 2024.

What now: You may be eligible to participate in the Biogen Inc. class action lawsuit. Shareholders who wish to serve as lead plaintiff for the class action lawsuit must file their motions with the Court by July 22, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for compensation. If you choose not to take action, you may remain an absent class member. For more information, click here Here.

Representation is on a contingency basis. Shareholders pay neither fees nor expenses.

About Robbins LLP: Some law firms issuing press releases on this matter do not litigate securities class actions; Robbins LLP does. As a recognized leader in shareholder litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures and hold corporate executives accountable for wrongdoing since 2002. Since our founding, we have recovered more than $1 billion for shareholders.

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