LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Biogen Inc. (“Biogen” or “the Company”) (NASDAQ: BIIB) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Trading in Biogen was halted on November 6, 2020, in advance of the Company’s meeting with the FDA. On the same day, Bloomberg reported in an article titled “Biogen Alzheimer’s Drug Fails to Gain FDA Panel’s Backing,” 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.” According to the article, the experts “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.” Based on that news, shares of Biogen dropped by almost 30% in intraday trading on November 9, 2020.
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