Biogen investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Biogen is a global biopharmaceutical company focused on discovering, developing, manufacturing, and delivering therapies for neurological, autoimmune, and hematologic disorders. The Company’s principal marketed products include AVONEX, PLEGRIDY, TECFIDERA, TYSABRI, and FAMPYRA for multiple sclerosis (“MS”), ALPROLIX for hemophilia B, and ELOCTATE for hemophilia A.
The Complaint alleges that Biogen and certain of its executive officers and directors misrepresented the financial benefits that Biogen would receive from the sale of its drug TECFIDERA. TECFIDERA is one of Biogen's most important drug products.
On multiple occasions during the first half of 2015, the defendants predicted 2015 revenue growth between 14% and 16% over 2014. Specifically, the market was told that "TECFIDERA will represent the largest contributor to [Biogen's] overall revenue growth."
But then, on July 24, 2015, Biogen announced a revision to its previously issued revenue growth guidance, reducing its expected growth by half "based largely on revised expectations for the growth of TECFIDERA."
On this news, the trading price of Biogen common stock dropped from a closing price of $385.05 on July 23, 2015 to close at $300.03 per share on July 24, 2015, a loss of more than 22%, on extremely heavy trading volume.
If you are a member of the class described above, you may no later than October 19, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706