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Levi & Korsinsky announces the filing of a class action lawsuit in the United States District Court for the District of Massachusetts on behalf of shareholders of Biogen Inc. (NASDAQGS: BIIB) who purchased shares between January 29, 2015 and July 23, 2015.
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 suffered a loss in Biogen you have until October 19, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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