Biogen Inc. is an American multinational biotechnology company specializing in the discovery, development, and delivery of therapies for the treatment of neurological diseases to patients worldwide.

According to the Complaint, it is alleged Defendants made false and/or misleading statements and/or failed to disclose that: (1) the larger dataset did not provide necessary data regarding aducanumab’s effectiveness; (2) the EMERGE study did not and would not provide necessary data regarding aducanumab’s effectiveness; (3) the PRIME study did not and would not provide necessary data regarding aducanumab’s effectiveness; (4) the data provided by the Company to the FDA’s Peripheral and Central Nervous System Drugs Advisory Committee did not support finding efficacy of aducanumab; and (5) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On February 24, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. On March 17, the Court issued an Order transferring this case to the District of Massachusetts. Lead Plaintiff filed an amended Complaint on April 26. On August 4, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on September 20.

On September 12, 2022, the Court issued an Order granting Defendants' Motion to Dismiss and ordered the case closed. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on October 10.

On October 11, 2023, the Court of Appeals affirmed in part and reversed in part the District Court's Dismissal Order. The case was remanded for further proceedings.