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Biogen Inc (NASDAQ: BIIB) Investor Securities Class Action Lawsuit 08/18/2015

  • If you purchased shares of Biogen Inc (NASDAQ: BIIB), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Biogen Idec
Security
NASDAQ: BIIB

Case Name
Biogen Shareholder Class Action Lawsuit 08/18/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 12, 2017 - The U.S. Court of Appeals for the First Circuit affirmed the judgement of the district court.
October 18, 2016 - The lead plaintiff filed an amended notice of appeal.

July 22 2016 - The lead plaintiff filed a notice of appeal.

June 23, 2016 - The court granted defendants' motion to dismiss.

January 19, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Biogen Inc (NASDAQ: BIIB) common shares between December 2, 2014 and July 23, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between December 2, 2014 and July 23, 2015.

November 18, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 19, 2015 - Lead plaintiff motions were filed.

August 18, 2015 - An investor in shares of Biogen Inc (NASDAQ: BIIB) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Biogen Inc in connection with certain allegedly false and misleading statements made between January 29, 2015 and July 23, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Biogen Inc (NASDAQ: BIIB) common shares between January 29, 2015 and July 23, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 29, 2015 and July 23, 2015 Biogen Inc and certain of its executive officers and directors misrepresented the financial benefits that Biogen Inc would receive from the sale of its drug TECFIDERA. The plaintiff says that on multiple occasions during the first half of 2015, the defendants projected 2015 revenue growth between 14% and 16% over 2014 and that the market was told that “TECFIDERA will represent the largest contributor to [Biogen’s] overall revenue growth.”

Biogen Inc reported that its annual Total Revenue rose from over $5.04 billion in 2011 to over $9.7 billion in 2014 and that its respective Net Income increased from over $1.23 billion to over $2.93 billion.

Shares of Biogen Inc (NASDAQ: BIIB) grew from $116.03 per share in early 2012 to as high as $475.98 per share in March 2015.

On July 24, 2015, pre-market, Biogen Inc reported its second quarter 2015 results and updated its full-year financial guidance from 14-16% to 6-8% above 2014 revenues.

The plaintiff claims that Biogen Inc cut its projected growth guidance by half “based largely on revised expectations for the growth of TECFIDERA”.

Shares of Biogen Inc (NASDAQ: BIIB) declined to as low as $299.76 per share on July 24, 2015, respectively $265.00 per share on August 24, 2015.