{"id":395633,"date":"2020-12-08T11:03:37","date_gmt":"2020-12-08T16:03:37","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=395633"},"modified":"2020-12-08T11:03:37","modified_gmt":"2020-12-08T16:03:37","slug":"the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors\/","title":{"rendered":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Biogen, Inc. (BIIB) Investors"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">LOS ANGELES<\/span>, <span class=\"xn-chron\">Dec. 8, 2020<\/span> \/PRNewswire\/ &#8212; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004017-1&amp;h=1724548467&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=The+Law+Offices+of+Frank+R.+Cruz\" rel=\"nofollow noopener noreferrer\">The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span><\/a> announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Biogen, Inc. (&#8220;Biogen&#8221; or the &#8220;Company&#8221;) (NASDAQ: <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004017-1&amp;h=1277261760&amp;u=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FBIIB&amp;a=BIIB\" rel=\"nofollow noopener noreferrer\">BIIB<\/a><\/u>) securities between <b><span class=\"xn-chron\">October 22, 2019<\/span> and <span class=\"xn-chron\">November 6, 2020<\/span><\/b>, inclusive (the &#8220;Class Period&#8221;). Biogen investors have until <b><span class=\"xn-chron\">January 12, 2021<\/span><\/b>to file a lead plaintiff motion.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.jpg\" title=\"(PRNewsfoto\/The Law Offices of Frank R. Cru)\" alt=\"(PRNewsfoto\/The Law Offices of Frank R. Cru)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>If you are a shareholder who suffered a loss, click <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004017-1&amp;h=2716259652&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Fbiogen-inc%2F&amp;a=here\" rel=\"nofollow noopener noreferrer\">here<\/a> to participate.<\/p>\n<p>On <span class=\"xn-chron\">October 22, 2019<\/span>, the Company announced that it would seek regulatory approval from the U.S. Food and Drug Administration (&#8220;FDA&#8221;) for aducanumab &#8220;based on a new analysis, conducted by Biogen in consultation with the FDA, of a larger dataset from the Phase 3 clinical studies that were discontinued in <span class=\"xn-chron\">March 2019<\/span> following a futility analysis.&#8221; According to Biogen, the new analysis &#8220;show[ed] that aducanumab is pharmacologically and clinically active as determined by dose-dependent effects in reducing brain amyloid and in reducing clinical decline as assessed by the pre-specified primary endpoint Clinical Dementia Rating-Sum of Boxes (CDR-SB).&#8221;<\/p>\n<p>On <span class=\"xn-chron\">November 6, 2020<\/span>, Reuters reported that an FDA panel found it &#8220;cannot ignore unsuccessful trial data on Biogen Alzheimer&#8217;s drug.&#8221; The panel had also &#8220;voted that an earlier-stage study does not offer supportive evidence of Biogen&#8217;s application for the drug, aducanumab.&#8221;<\/p>\n<p>On this news, the Company&#8217;s stock price fell <span class=\"xn-money\">$92.64<\/span> per share, or 28%, to close at <span class=\"xn-money\">$236.26<\/span> per share on <span class=\"xn-chron\">November 9, 2020<\/span>, thereby injuring investors.<\/p>\n<p>The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company&#8217;s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the larger dataset did not provide necessary data regarding aducanumab&#8217;s effectiveness; (2) the EMERGE study did not and would not provide necessary data regarding aducanumab&#8217;s effectiveness; (3) the PRIME study did not and would not provide necessary data regarding aducanumab&#8217;s effectiveness; (4) the data provided by the Company to the FDA&#8217;s Peripheral and Central Nervous System Drugs Advisory Committee did not support finding efficacy of aducanumab; and (5) as a result, Defendants&#8217; statements about its business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all relevant times.<\/p>\n<p>Follow us for updates on Twitter: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004017-1&amp;h=2607502035&amp;u=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;a=twitter.com%2FFRC_LAW\" rel=\"nofollow noopener noreferrer\">twitter.com\/FRC_LAW<\/a>.<\/p>\n<p>If you purchased Biogen securities during the Class Period, you may move the Court no later than <b><span class=\"xn-chron\">January 12, 2021<\/span><\/b>to ask the Court to appoint you as lead plaintiff.\u00a0 To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.\u00a0 If you purchased Biogen securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact <span class=\"xn-person\">Frank R. Cruz<\/span>, of The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span>, 1999 Avenue of the Stars, Suite 1100, <span class=\"xn-location\">Los Angeles, California<\/span> 90067 at 310-914-5007, by email to <a target=\"_blank\" href=\"mailto:info@frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">info@frankcruzlaw.com<\/a>, or visit our website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004017-1&amp;h=2701617393&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=www.frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">www.frankcruzlaw.com<\/a>. \u00a0If you inquire by email please include your mailing address, telephone number, and number of shares purchased.<\/p>\n<p>This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA14839&amp;sd=2020-12-08\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors-301188000.html\">http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors-301188000.html<\/a><\/p>\n<p>SOURCE  The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span>, <span class=\"xn-location\">Los Angeles<\/span><\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA14839&amp;Transmission_Id=202012081100PR_NEWS_USPR_____LA14839&amp;DateId=20201208\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire LOS ANGELES, Dec. 8, 2020 \/PRNewswire\/ &#8212; The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Biogen, Inc. (&#8220;Biogen&#8221; or the &#8220;Company&#8221;) (NASDAQ: BIIB) securities between October 22, 2019 and November 6, 2020, inclusive (the &#8220;Class Period&#8221;). Biogen investors have until January 12, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On October 22, 2019, the Company announced that it would seek regulatory approval from the U.S. Food and Drug Administration (&#8220;FDA&#8221;) for aducanumab &#8220;based on a new analysis, conducted by Biogen in consultation with the FDA, of a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Biogen, Inc. (BIIB) Investors&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-395633","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Biogen, Inc. (BIIB) Investors - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Biogen, Inc. (BIIB) Investors - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire LOS ANGELES, Dec. 8, 2020 \/PRNewswire\/ &#8212; The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Biogen, Inc. (&#8220;Biogen&#8221; or the &#8220;Company&#8221;) (NASDAQ: BIIB) securities between October 22, 2019 and November 6, 2020, inclusive (the &#8220;Class Period&#8221;). Biogen investors have until January 12, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On October 22, 2019, the Company announced that it would seek regulatory approval from the U.S. Food and Drug Administration (&#8220;FDA&#8221;) for aducanumab &#8220;based on a new analysis, conducted by Biogen in consultation with the FDA, of a &hellip; Continue reading &quot;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Biogen, Inc. 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Cruz Announces the Filing of a Securities Class Action on Behalf of Biogen, Inc. (BIIB) Investors - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors\/","og_locale":"en_US","og_type":"article","og_title":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Biogen, Inc. (BIIB) Investors - Market Newsdesk","og_description":"PR Newswire LOS ANGELES, Dec. 8, 2020 \/PRNewswire\/ &#8212; The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Biogen, Inc. (&#8220;Biogen&#8221; or the &#8220;Company&#8221;) (NASDAQ: BIIB) securities between October 22, 2019 and November 6, 2020, inclusive (the &#8220;Class Period&#8221;). Biogen investors have until January 12, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On October 22, 2019, the Company announced that it would seek regulatory approval from the U.S. Food and Drug Administration (&#8220;FDA&#8221;) for aducanumab &#8220;based on a new analysis, conducted by Biogen in consultation with the FDA, of a &hellip; Continue reading \"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Biogen, Inc. (BIIB) Investors\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-08T16:03:37+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-biogen-inc-biib-investors\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"The Law Offices of Frank R. 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