Levi & Korsinsky announces the filing of a class action lawsuit in the USDC for the District of Massachusetts on behalf of shareholders of Biogen Inc. (NASDAQ: BIIB) who purchased shares between July 23, 2014 and July 23, 2015.
The complaint alleges that the defendants employed devices, schemes and artifices to defraud, while in possession of material adverse non-public information, in an effort to assure investors of Biogen’s value and performance and continued substantial growth. In particular, the complaint alleges that the Company failed to disclose material information about the Company’s business, particularly in regards to their Tecfidera drug treatment.
In 2014, the MS Institute at Shepherd Center in Georgia, a prescriber of Tecfidera, began conducting blood tests of MS patients taking the drug. By August of that year, the Center began notifying Biogen that Tecfidera was causing low lymphocyte counts among approximately 30% of the Center’s MS patients taking the drug; eventually the Center stopped prescribing Tecfidera and transferred many of its patients to other therapies. Biogen, however, continued to tout the safety and growing sales of Tecfidera throughout the second and third quarter of 2014.
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