Initial Lawsuit
First Complaint - 02/07/2022A shareholder brought this securities class action on behalf of all investors who purchased or otherwise acquired defendant Biogen, Inc, common stock between June 7, 2021, and January 11, 2022, inclusive.
- Filing Date
02/07/2022 - Class Period
06/07/2021 to 01/11/2022 - Transgression
Securities Violation - Filing Firms
Block & Leviton, LLP - Case Title
Oklahoma Firefighters Pension and Retirement System v. Biogen Inc. et al - Docket Number
1:22-cv-10200 - Court
Massachusetts District Court - Free File
Complaint
Allegations
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) in discussing the two Phase III studies, Biogen omitted to disclose that one of the studies was deemed a failure, and that the justification for approval came by disregarding that study;
(ii) the danger to patients was a key factor in both the Advisory Panel recommending against and later international regulators outright denying approval of Aduhelm;
(iii) entities had not committed to paying for Aduhelm treatment at any price given its questionable efficacy and safety issues, let alone at $56,000 per year;
(iv) Medicare coverage was a certainty when, in fact, it was not;
(v) the clinical data did not support a clinical benefit by taking Aduhelm and that side-effects were dangerous and serious . . . (see complaint for detailed allegations).
Defendants
- Company
Biogen Inc. - Chief Executive Officer
Michael Vounatsos - Chief Financial Officer
Michael McDonnell - Chief Financial Officer
Jeffrey Capello - Chief Medical Officer
Alfred Sandrock
