An investor in NASDAQ:BIIB filed a lawsuit over alleged violations of Federal Securities Laws by Biogen Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Biogen Inc (NASDAQ:BIIB) have certain options and for certain investors are short and strict deadlines running. Deadline: December 23, 2016. NASDAQ:BIIB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that between July 23, 2014 and July 23, 2015, that Biogen Inc publicly touted Tecfidera’s attractive safety profile and solid growth trajectory but was aware that Tecfidera was weakening the immune system for multiple sclerosis (“MS”) patients taking the drug causing physicians to discontinue prescriptions of Tecfidera.
On October 22, 2014, Biogen disclosed safety risks of Tecfidera when the Company announced the death of a patient linked to Tecfidera.
On April 24, 2015, Biogen Inc disclosed that the patient death announced in October 2014 was causing Tecfidera sales to grow “at an overall slower rate” but the long term outlook “remain[ed] strong.
On July 24, 2015, pre-market, Biogen Inc reported its second quarter 2015 results and updated its full-year financial guidance from 14-16% to 6-8% above 2014 revenues.
The plaintiff alleges that Biogen Iabruptly cut its revenue guidance in half, “based largely on revised expectations for the growth of Tecfidera”—which it blamed on safety concerns following the patient death. Shares of Biogen Inc (NASDAQ:BIIB) declined to as low as $299.76 per share on July 24, 2015.
Those who purchased NASDAQ:BIIB shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com