Kehoe Law Firm, P.C. is investigating whether certain directors and officers of Biogen Inc. (“Biogen”) (NASDAQ: BIIB) breached their fiduciary duties to Biogen and its shareholders.
BIOGEN INVESTORS WHO HAVE HELD BIIB STOCK SINCE AT LEAST JANUARY 2022 ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C. AND PROVIDE DETAILS OF THEIR BIOGEN SECURITIES.
The investigation concerns whether members of the Biogen Board of Directors (the “Biogen Board”) made, or caused Biogen to make, false and/or misleading statements, as well as failed to disclose material adverse facts, about Biogen’s business, operations, prospects, and financial health.
Kehoe Law Firm, P.C. is investigating whether the Biogen Board failed to disclose material information, including whether Biogen misled investors regarding: (a) the number of sites ready, willing, and able to administer Aduhelm immediately after approval; (b) the significance of logistical constraints on diagnosing patients; (c) the degree to which Medicare’s coverage of the treatment was independent of the FDA’s approval of the treatment; (d) the willingness of third-party payors to cover Aduhelm at a premium price point, or, indeed, at any price point absent peer-reviewed data supporting a determination of the treatment’s clinical effectiveness; and (e) the Veterans Health Administration’s willingness and capacity to cover and administer Aduhelm for its beneficiaries; and whether, as a result, statements about Biogen’s business, operations, and prospects lacked a reasonable basis.
On January 11, 2022, the Center for Medicare and Medicaid Services released a draft opinion, stating it would only pay for Aduhelm for patients in a hospital-sponsored clinical trial.
On this news, Biogen’s common stock price fell to close at $225 per share on January 12, 2022.