Biogen Inc is being sued by Electrical Workers Pension Fund for falsifying its financial reports and disclosures on immunosuppressant, Tecfidera. Labaton Sucharow’s SEC Whistleblower attorney filed a securities lawsuit against the biopharmaceutical company on October 20th, 2016. Court documents stated Biogen violated the Securities Exchange Act of 1934 and the U.S. Securities and Exchange Commission Rule. Labaton Sucharow Law Firm is representing the Pension Fund, investors and absent members who were misinformed about the growth and sales of Tecfidera. Investors were affected if they bought publicly traded securities from July 23rd, 2014 through July 23rd, 2015.
Biogen and specific executives were named in the Electrical Workers Pension Fund v. Kingsley class action lawsuit and accused of hyping the safety of Tecfidera and disclosing dishonest growth potentials. Tecfidera is used by medical physicians to treat multiple sclerosis and was the company’s leading product to generate revenue. The law suit alleges Biogen was aware the product was causing the immune system to weaken. Physicians stopped using the immunosuppressant to treat their patients, which resulted in a reduction of Biogen’s revenue.
After a patient who was prescribed Tecfidera died, Biogen was obligated to disclose the safety of its risks. In July 2015, the company quickly reduced its revenue by 50 percent based on revisions to their expectations of the growth of Tecfidera. Biogen’s common stock took more than a 22 percent plunge, causing stock prices to drop by $85.02 per share.
SEC Whistleblower lawyer representing Labaton Sucharow Law Firm encourages investors and entities to seek appointment as lead plaintiff if they are shareholders in Biogen publicly traded securities between July 2014 and July 2015. There is no requirement to seek appointment as lead plaintiff to receive financial recovery in the class action if the judge rules in favor of Electrical Workers Pension Fund. The court appoints lead plaintiff as a representative for absent members.
To inquire about the Electrical Workers Pension Fund v. Kingsley action, contact Labaton Sucharow and speak with Francis P. McConville. She is available to answer all questions regarding the case and how to serve as lead plaintiff. Labaton is the leading SEC Whistleblower law firm in the nation to represent investors, funds, and whistleblowers. Visit Labaton’s SEC Whistleblower Advocacy online to search for informative resources relating to the whistleblower program and the Dodd-Frank Act. This is the second class action the firm filed in the month of October against publicly traded companies.