Investors can contact the law firm at no cost to learn more about recovering their losses.
LOS ANGELES, June 24, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Biogen Inc. (“Biogen”) (NASDAQ: BIIB) investors who suffered substantial losses to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Investors who invested between February 2, 2022, and February 13, 2024, are encouraged to click here to participate in this case.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Biogen had overstated its efforts to enhance its transparency, corporate governance, and compliance controls and procedures, as well as the efficacy of those controls and procedures; (2) accordingly, Biogen maintained inadequate compliance controls and procedures in connection with its business operations in foreign countries; (3) Biogen and/or its employees were engaged in unlawful or otherwise improper conduct in several foreign countries; (4) the foregoing subjected the company to a heightened risk of governmental and/or regulatory scrutiny and enforcement action, as well as significant legal, financial, and reputational harm; (5) Biogen overstated the strength of its Alzheimer’s disease-related product portfolio, including the company's and Eisai's efforts and success in launching and providing access to Leqembi; (6) Biogen also downplayed the negative impact that the Reata Acquisition would have on its FY 2023 non-GAAP diluted EPS; (7) all the foregoing were likely to have a significant negative impact on Biogen's 2023 results; and (8) as a result, the company's public statements were materially false and misleading at all relevant times.
The truth began to emerge on November 8, 2023, when Biogen negatively revised its non-GAAP diluted EPS guidance for fiscal year 2023 in a range of $14.50 to $15.00 per share, significantly below its previous guidance of fiscal year 2023 non-GAAP diluted EPS of $15.00 to $16.00 per share, citing approximately $0.75 of dilution from its acquisition of Reata. On this news, the price of Biogen shares declined by $13.92 per share to close at $231.69 per share on November 8, 2023.
After several additional disclosures in January 2024 and early February 2024 which were followed by drops in Biogen’s stock price, the final truth was revealed on February 14, 2024, when Biogen disclosed in an SEC filing that it had received a subpoena from the DOJ “seeking information relating to [Biogen’s] business operations in several foreign countries” and that “[t]he Company is also providing information relating to [its] business operations in several foreign countries to the SEC.” On this news, Biogen’s stock price fell $5.91 per share, or 2.61%, to close at $220.74 per share on February 14, 2024.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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