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BIIB.US
id: 1233

Biogen (BIIB) Corporate Governance Setbacks Case

D. Colorado
Court
1:24-cv-01444-PAB-KAS
Case number
03 Feb 2022
Class period Start
13 Feb 2024
Class period End
22 Jul 2024
Lead Plaintiff motion deadline
  • $BIIB stockholder filed a claim vs. Biogen for multiple setbacks in its corporate governance.
  • From February 2022 to February 2024, $BIIB lost $7.2B+ in shareholder value during five separate trading sessions.
  • Biogen investors can join this case to be notified about potential loss recovery.
Case Details:

On November 8, 2023, Biogen's Q3'23 results included negatively revised EPS guidance for FY 2023. On this news, $BIIB fell 5.67% losing $2B+ in shareholder value.

On January 8, 2024, Biogen's CEO walked back prior expectations of AD-treatment drug Legembi sales.

Due to this news, $BIIB fell 4.17% losing $1B+ in shareholder value on January 11, 2024.

On February 6, 2024, news reports emerged on challenges with the launch of Leqembi.

$BIIB fell 2.04% losing $729M+ in shareholder value on February 7, 2024.

Then, on February 13, 2024, Biogen Q4'23 and FY 2023 results missed consensus estimates for EPS and revenue. At subsequent conference call CEO disclosed Leqembi patients numbers way below goal.

On this news, $BIIB fell 7.39% losing $2.6B+ in shareholder value on February 13, 2024.

Finally, when Biogen disclosed receiving a subpoena from the DOJ related to Company's foreign operations, as well as providing similar information to the SEC, $BIIB fell 2.61%, losing $860M+ of shareholder value on February 14, 2024.

Considering all the representations, investors have reasons to suspect Biogen of serious setbacks in its corporate governance spanning several years.

One of the investors has already filed a class action against the Company in District of Colorado court.
Case Status
Initial Complaint
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
14 February 2024
Filing date
22 May 2024
Lead Plaintiff Deadline
22 July 2024
Judge
Hon. Philip A. Brimmer
Collecting participants…