Biogen is an American multinational biotechnology company based in Cambridge, Massachusetts, specializing in the discovery, development, and delivery of therapies for the treatment of neurodegenerative, hematologic, and autoimmune diseases to patients worldwide.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose (1) the concerning the safety profile and growth prospects of Tecfidera, an immunosuppressant that is prescribed to treat multiple sclerosis ("MS"), and (2) Biogen's main driver of revenues. Specifically, the Complaint alleges that the Company publicly advertised Tecfidera's appealing safety profile and its progress, but was aware that Tecfidera was waning MS patients' immune system and that doctors were withdrawing Tecfidera prescriptions.
On October 22, 2014, following the death of a patient linked to Tecfidera, Biogen was forced to partially disclose the safety risks of Tecfidera. On April 24, 2015, Biogen announced that the patient death revealed in October 2014 was causing Tecfidera sales to decline, but the Company believed the long term outlook "remain[ed] strong." Then, on July 24, 2015, Biogen abruptly scratched its revenue guidance in half, "based largely on revised expectations for the growth of Tecfidera" and attributed it to safety concerns following the patient death. Following this news, Biogen's stock dropped from $385.05 per share on July 23, 2015, over 22% to close at $300.03 per share July 24, 2015.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/biib or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Biogen you have until December 23, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
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