According to the Complaint, Biogen Inc. is a global biopharmaceutical company that discovers, develops, and delivers therapies for people living with serious and complex diseases worldwide.

In 2023, the Company’s Leqembi product, developed in partnership with Eisai Co., Ltd., gained FDA approval as a treatment for Alzheimer’s disease (“AD”). Also in 2023, Biogen announced that it would acquire Reata Pharmaceuticals, Inc.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Biogen had overstated its efforts to enhance its transparency, corporate governance, and compliance controls and procedures, as well as the efficacy of those controls and procedures; (ii) accordingly, Biogen maintained inadequate compliance controls and procedures in connection with its business operations in foreign countries; (iii) Biogen and/or its employees were engaged in unlawful or otherwise improper conduct in several foreign countries; (iv) the foregoing subjected the Company to a heightened risk of governmental and/or regulatory scrutiny and enforcement action, as well as significant legal, financial, and reputational harm; (v) Biogen overstated the strength of its AD-related product portfolio, including the Company's and Eisai's efforts and success in launching and providing access to Leqembi; (vi) Biogen also downplayed the negative impact that the Reata Acquisition would have on its FY 2023 non-GAAP diluted EPS; (vii) all the foregoing were likely to have a significant negative impact on Biogen's 2023 results; and (viii) as a result, the Company's public statements were materially false and misleading at all relevant times.

On September 4, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel.

On October 21, 2024, the Court issued an Order granting an unopposed motion to transfer the case to the District of Massachusetts. The case transferred in on October 23 under Docket 24-CV-12691.

Lead Plaintiff filed an Amended Complaint on December 20, 2024 and corrected the Amended Complaint on December 31. Defendants filed a Motion to Dismiss the Amended Complaint on February 18, 2025.