According to the Complaint, Biogen Inc. is a global biopharmaceutical company focused on the research, development, and production of therapies for serious neurological and neurodegenerative diseases, and other therapies related to those conditions. It specifically targets treatments for MS, Alzheimer’s disease and dementia, neuromuscular disorders, movement disorders, ophthalmology, and neuropsychiatry. Biogen’s current treatment for Alzheimer’s disease is Aduhelm, a monoclonal antibody treatment that purports to reduce the build-up of amyloid plaques in the brain. Reduction of amyloid plaques are believed by some researchers to be a potential avenue for the prevention and treatment of neurological decline from Alzheimer’s disease and dementia. Before approval, the drug went by its development name Aducanamab.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Biogen’s business, operations, and prospects. Further, the Complaint alleges that Defendants engaged in irregular and potentially illegal meetings with the FDA in an attempt to find a path forward for approval of Adulhelm.

Plaintiff voluntarily dismissed claims against one of the individual Defendants on February 23, 2022.

On May 10, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff amended the Complaint on June 27. Defendants filed a Motion to Dismiss the amended Complaint on July 27. On March 29, 2023, the Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice.

On April 26, 2023, Lead Plaintiff filed a Motion to alter judgment. The Court granted Lead Plaintiff's Motion to alter judgment on March 19, 2024 and reopened the case.

Lead Plaintiff filed a second amended Complaint on April 10, 2024.

On May 10, 2024, Lead Plaintiff filed a Motion for Class Certification. The Court granted the Motion for Class Certification on September 5.