BIIB SHAREHOLDER ALERT: Faruqi & Faruqi, LLP investigates claims on behalf of Biogen investors

James (Josh) Wilson, securities litigation partner at Faruqi & Faruqi, LLP, encourages investors who have suffered losses in excess of $100,000 at Biogen to contact him directly to discuss their options

If you suffered losses of over $100,000 on Biogen between February 3, 2022 and February 13, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (extension 1310). For more information you can also click here: www.faruqilaw.com/BIIB.

New York, New York–(Newsfile Corp. – July 9, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Biogen Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB) and reminds investors of the Deadline: 22 July 2024 to serve as lead plaintiff in a federal securities class action lawsuit filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. Since its founding in 1995, the firm has recovered hundreds of millions of dollars for investors. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Biogen overstated its efforts to improve transparency, corporate governance and compliance controls and procedures and the effectiveness of those controls and procedures; (2) Biogen accordingly maintained inadequate compliance controls and procedures in connection with its foreign operations; (3) Biogen and/or its employees engaged in unlawful or otherwise inappropriate conduct in several countries; (4) the foregoing placed the Company at increased risk of governmental and/or regulatory scrutiny and enforcement actions, as well as significant legal, financial and reputational action; (5) 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 it; (6) Biogen also downplayed the negative impact the Reata acquisition would have on its fiscal 2023 diluted non-GAAP earnings per share; (7) all of the foregoing would likely have a material adverse effect on Biogen’s 2023 results; and (8) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On November 8, 2023, Biogen announced its third quarter 2023 results, including negatively revised FY 2023 non-GAAP diluted earnings per share guidance in a range of $14.50 to $15.00 per share, significantly below the prior FY 2023 non-GAAP diluted earnings per share guidance of $15.00 to $16.00 per share, and cited approximately $0.75 of dilution from the Reata acquisition.

On this news, Biogen’s stock price fell $13.92 per share, or 5.67%, to close at $231.69 per share on November 8, 2023.

On January 8, 2024, Biogen CEO Christopher A. Viehbacher (“Viehbacher”) attended JP Morgan’s 42nd Annual Healthcare Conference. During his speech at the conference, Defendant Viehbacher discussed the challenges of bringing Leqembi to market and retracted earlier expectations that 10,000 patients would be taking the drug by the end of March 2024.

As the market processed this news, Biogen’s stock price fell $10.77 per share, or 4.17%, over three consecutive trading days, closing at $247.21 per share on January 11, 2024.

On January 31, 2024, Biogen announced that it was discontinuing development and commercialization of Aduhelm and “recorded a one-time charge of approximately $60 million related to program completion costs in the fourth quarter of 2023.”

On February 6, 2024, news reports emerged that Eisai was facing challenges in bringing Leqembi to market and that only 2,000 patients had been given the drug in the United States.

After the market fully digested this news, Biogen’s stock price fell $5.01 per share, or 2.04%, to close at $240.54 per share on February 7, 2024.

Then, on February 13, 2024, Biogen issued a press release announcing fourth quarter (“Q4”) and fiscal year 2023 results. This included non-GAAP earnings per share (EPS) of $2.95 for the fourth quarter, missing consensus estimates by $0.23, and revenue of $2.4 billion for the fourth quarter, missing consensus estimates by $60 million and representing a year-over-year decrease of 5.5%. The company disclosed that fourth quarter diluted earnings per share (EPS) “were negatively impacted by $0.35 due to previously announced closing costs for ADUHELM.” In addition, in a subsequent conference call to discuss these results with investors and analysts, defendant Viehbacher confirmed that “we currently have approximately 2,000 patients on (Leqembi)” and that “we have indications that there are approximately 3,800 patients in the registry as of last week” – far from the target of 10,000 patients set by the company and Eisai for the end of the following month.

As a result of these developments, Biogen’s stock price fell $18.09 per share, or 7.39%, to close at $226.65 per share on February 13, 2024.

Finally, on February 14, 2024, Biogen announced in a filing with the SEC that it had received a subpoena from the DOJ “requesting information about (Biogen’s) operations in several foreign countries” and that “the Company is also providing the SEC with information about (its) operations in several foreign countries.”

On 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.

The court-appointed lead plaintiff will be the investor with the greatest financial interest in the relief sought by the class, who is reasonable and typical of class members, and who will direct and oversee the litigation on behalf of the putative class. Any member of the putative class may, through counsel of his or her choosing, ask the court to serve as lead plaintiff, or he or she may choose to do nothing and remain an absent class member. Your ability to share in any relief will not be affected by your decision to serve as lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information about Biogen’s conduct, including whistleblowers, former employees, shareholders and others, to contact the company.

Learn more about the Biogen Class action lawsuit, go to www.faruqilaw.com/BIIB or Call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (extension 1310).

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To view the original version of this press release, please visit https://www.newsfilecorp.com/release/215847