Biogen Inc. Class Action Lawsuit
- Company Name
- Biogen Inc.
- Stock Symbol
- Class Period
- October 22, 2019 to November 6, 2020
- Motion Deadline
- January 12, 2021
- Central District of California
The Biogen Inc. class action lawsuit charges Biogen and certain of its executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Biogen securities between October 22, 2019 and November 6, 2020, inclusive (the “Class Period”). The Biogen class action lawsuit was commenced on November 13, 2020 in the Central District of California and is captioned Menashe v. Biogen Inc., No. 20-cv-10399.
Biogen purports to discover, develop, manufacture, and deliver therapies for treating neurological and neurodegenerative diseases, including aducanumab (BIIB037), an investigational human monoclonal antibody being studied for use as a treatment for early Alzheimer’s disease. Biogen licensed aducanumab from Neurimmune under a collaborative development and license agreement. Studies assessing aducanumab included PRIME, EMERGE, and ENGAGE.
On October 22, 2019, Biogen issued a press release, entitled “Biogen Plans Regulatory Filing for Aducanumab in Alzheimer’s Disease Based on New Analysis of Larger Dataset from Phase 3 Studies,” announcing, in relevant part, that Biogen planned to pursue the U.S. Food and Drug Administration’s (“FDA”) approval for aducanumab because “[t]he Phase 3 EMERGE Study met its primary endpoint showing a significant reduction in clinical decline, and Biogen believes that results from a subset of patients in the Phase 3 ENGAGE Study who received sufficient exposure to high dose aducanumab support the findings from EMERGE.”
The Biogen class action lawsuit alleges that during the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the larger dataset did not provide necessary data regarding aducanumab’s effectiveness; (2) the EMERGE study did not and would not provide necessary data regarding aducanumab’s effectiveness; (3) the PRIME study did not and would not provide necessary data regarding aducanumab’s effectiveness; (4) the data provided by Biogen to the FDA’s Peripheral and Central Nervous System Drugs Advisory Committee did not support a finding of efficacy for aducanumab; and (5) as a result, defendants’ statements about Biogen’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 6, 2020, Biogen issued a press release, entitled “UPDATE ON FDA ADVISORY COMMITTEE’S MEETING ON ADUCANUMAB IN ALZHEIMER’S DISEASE,” disclosing that the FDA’s Peripheral and Central Nervous System Drugs Advisory Committee voted against the following questions: (1) “Does Study 302 (EMERGE), viewed independently and without regard for Study 301 (ENGAGE), provide strong evidence that supports the effectiveness of aducanumab for the treatment of Alzheimer’s disease?”; (2) “Does Study 103 (PRIME) provide supportive evidence of the effectiveness of aducanumab for the treatment of Alzheimer’s disease?”; (3) “Has the Applicant presented strong evidence of a pharmacodynamic effect of aducanumab on Alzheimer’s disease pathophysiology?”; and (4) “In light of the understanding provided by the exploratory analyses of Study 301 and Study 302, along with the results of Study 103 and evidence of a pharmacodynamic effect on Alzheimer’s disease pathophysiology, it is reasonable to consider Study 302 as primary evidence of effectiveness of aducanumab for the treatment of Alzheimer’s disease?” On this news, Biogen’s stock price fell more than 28%, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Biogen securities during the Class Period to seek appointment as lead plaintiff in the Biogen class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Biogen class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Biogen class action lawsuit. An investor’s ability to share in any potential future recovery of the Biogen class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Biogen class action lawsuit or have questions concerning your rights regarding the Biogen class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Biogen class action lawsuit must be filed with the court no later than January 12, 2021.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.