NEW YORK, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, has filed a federal securities class action in the United States District Court for the District of Massachusetts on behalf of its client and all similarly situated investors who purchased or otherwise acquired common stock of Biogen, Inc. ("Biogen" or "Company") (NYSE: BIIB) from October 22, 2019 to November 6, 2020, inclusive (the "Class Period"). The class action alleges violations of the federal securities laws.
Biogen is a Delaware Company headquartered in Cambridge, Massachusetts. Biogen develops, discovers, and manufactures therapies for the treatment of neurological and neurodegenerative diseases, as well as autoimmune and hematologic disorders. One of the Company’s principal products in development is aducanumab, which is an investigational drug studied for the treatment of Alzheimer’s disease – an irreversible and progressive degenerative disorder and the leading cause of dementia.
The Complaint alleges Biogen made false and misleading statements to the public throughout the Class Period and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements concerning: (1) Study 302, viewed independently, did not provide strong evidence that supported the effectiveness of aducanumab; (2) Study 103 did not provide supportive evidence of the effectiveness of aducanumab; (3) Study 302 could not be considered as primary evidence of effectiveness of aducanumab for the treatment of Alzheimer’s disease in light of the results of the exploratory analyses of Study 301 and 302 and the results of Study 103; (4) the totality of the data did not provide sufficient evidence to support efficacy of aducanumab for the treatment of Alzheimer’s disease; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than January 12, 2021. Any member of the proposed Class may move to serve as the Lead Plaintiff through counsel of their choice.
If you have suffered a net loss from investment in Biogen’s common stock from October 22, 2019 to November 6, 2020, you may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff, by contacting Christian Levis at clevis@lowey.com or by calling 914-733-7220 or Andrea Farah at afarah@lowey.com or by calling 914-733-7256. The class action is titled Shapiro v. Biogen Inc. et al., No. 1:21-cv-10017 (D. Mass).