Lead Plaintiff Deadline: 01/12/2021
SUMMARY OF CASE:
A securities class action has been filed against Biogen, Inc. (BIIB) on behalf of persons or entities who purchased or otherwise acquired publicly traded Biogen securities between October 22, 2019 through November 6, 2020. This case has been filed in the USDC – C.D.CA.
The Complaint alleges that on November 6, 2020, Biogen trading was halted before the Company’s meeting with the U.S. Food and Drug Administration (“FDA”). Later that day, Bloomberg published an article entitled “Biogen Alzheimer’s Drug Fails to Gain FDA Panel’s Backing” which stated that “The outside experts voted 8 to 1, with 2 undecided, that data from a single clinical trial with positive results was insufficient to show Biogen’s drug works[,]” and “also voted 10 to 0, with 1 undecided, that the positive study shouldn’t be considered primary proof the drug works in light of conflicting evidence from a different trial.”
On this news, Biogen’s stock price fell $92.64 per share, or 28%, to close at $236.26 per share on November 9, 2020, the next trading day.