SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

August 20, 2015 09:42 ET

SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Biogen Inc. of Pendency of Class Action Lawsuit and a Lead Plaintiff Deadline of October 19, 2015 -- BIIB

NEW YORK, NY--(Marketwired - Aug 20, 2015) -  The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired securities of Biogen Inc. ("Biogen") (NASDAQ: BIIB) between January 29, 2015 and July 23, 2015.

You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the District of Massachusetts. If you purchased or otherwise acquired Biogen securities between January 29, 2015 and July 23, 2015, your rights may be affected by this action. To get more information go to:

http://zlk.9nl.com/biogen

or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

The Complaint alleges that Biogen and certain of its executive officers and directors misrepresented the financial benefits that Biogen would receive from the sale of its drug TECFIDERA. TECFIDERA is one of Biogen's most important drug products. On multiple occasions during the first half of 2015, the defendants predicted 2015 revenue growth between 14% and 16% over 2014. Specifically, the market was told that "TECFIDERA will represent the largest contributor to [Biogen's] overall revenue growth."

But then, on July 24, 2015, Biogen announced a revision to its previously issued revenue growth guidance, reducing its expected growth by half "based largely on revised expectations for the growth of TECFIDERA." On this news, the trading price of Biogen common stock dropped from a closing price of $385.05 on July 23, 2015 to close at $300.03 per share on July 24, 2015, a loss of more than 22%, on extremely heavy trading volume.

If you suffered a loss in Biogen you have until October 19, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph E. Levi, Esq.
    30 Broad Street - 24th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com