NEW YORK, Nov. 11, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Biogen Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Biogen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 6, 2020, Biogen issued a press release announcing that the Company’s proposed Alzheimer’s therapy had failed to win support from the U.S. Food and Drug Administration’s Peripheral and Central Nervous System Drugs Advisory Committee. Specifically, the press release disclosed that the Advisory Committee “voted 1 yes, 8 no and 2 uncertain on the question, ‘Does Study 302 (EMERGE), viewed independently and without regard for Study 301 (ENGAGE), provide strong evidence that supports the effectiveness of aducanumab for the treatment of Alzheimer’s disease?’. The Advisory Committee also voted 0 yes, 7 no and 4 uncertain on the question, ‘Does Study 103 (PRIME) provide supportive evidence of the effectiveness of aducanumab for the treatment of Alzheimer’s disease?’, and 5 yes, 0 no and 6 uncertain on the question, ‘Has the Applicant presented strong evidence of a pharmacodynamic effect of aducanumab on Alzheimer’s disease pathophysiology?’. Finally, the Advisory Committee voted 0 yes, 10 no and 1 uncertain on the question, ‘In light of the understanding provided by the exploratory analyses of Study 301 and Study 302, along with the results of Study 103 and evidence of a pharmacodynamic effect on Alzheimer’s disease pathophysiology, it is reasonable to consider Study 302 as primary evidence of the effectiveness of aducanumab for the treatment of Alzheimer’s disease?'” Following the announcement, trading in Biogen stock was halted on November 6, 2020. When trading resumed on November 9, 2020, Biogen’s stock price fell $92.64 per share, or 28.17%, to close at $236.26 per share on November 9, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP