(NASDAQ GS: BIIB)
Rigrodsky Law, P.A. is investigating potential claims against the officers and directors of Biogen Inc. ("Biogen" or the "Company") on behalf of stockholders. A class action complaint has been filed against Biogen. The complaint alleges that defendants made false and misleading statements about the Company's new drug, Aduhelm, including: (i) the number of sites ready, willing, and able to administer Aduhelm in the near-term; (ii) the significance of logistical constraints on diagnosing potential patients; (iii) the degree to which Medicare's coverage of the treatment was independent of the FDA's approval of the treatment; (iv) the willingness of third-party payors to cover Aduhelm at a premium price-point, or at any price-point absent peer-reviewed data supporting a determination of the treatment's clinical effectiveness; and (v) the Veterans Health Administration's willingness and capacity to cover and administer Aduhelm for its beneficiaries. Fueled by defendants' false and misleading statements, Biogen’s stock price skyrocketed following the FDA’s approval of Aduhelm, increasing from $286.14 per share to close at $395.85 on June 7, 2021. By the end of the relevant period, after the market learned that there was a fraction of the sites actually ready to treat patients, that sales of Aduhelm were significantly slower than expected, that Medicare would not cover most patients, and that most third-party payers balked at Adhulem’s hefty price tag, Biogen’s stock price fell to $225 per share.