NEW YORK, Oct. 27, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors that a class action lawsuit has been filed against Biogen
Inc. ("Biogen" or the "Company") (NASDAQ: BIIB) and certain of its
officers. The class action is on behalf of a class consisting
of all persons or entities who purchased Biogen securities between
July 23, 2014 through July 23, 2015, inclusive (the "Class
Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange Act").
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
info@bgandg.com. 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.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert-bronstein-gewirtz--grossman-llc-notifies-investors-of-class-action-against-biogen-inc-biib--lead-plaintiff-deadline-december-23-2016-300352499.html
SOURCE Bronstein, Gewirtz & Grossman, LLC