Biogen (BIIB) Corporate Governance Setbacks Case

D. Colorado

Court

1:24-cv-01444

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

Lead Plaintiff Appointed

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

Biogen (BIIB) Corporate Governance Setbacks Case

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