Biogen Inc. (BIIB) Officers and Directors Under Investigation for Possible False Statements About Aduhelm

Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of Biogen Inc. (NASDAQ: BIIB) relating to possible false and misleading statements to investors about its Alzheimer’s drug Aduhelm and an alleged illegal kickback scheme. 

Biogen and three of its executive officers are currently subject to a class action securities lawsuit in the U.S. District Court for the District of Massachusetts in which plaintiffs allege certain false and misleading statements concerning the commercial prospects for the company’s Alzheimer’s drug, Aduhelm. Specifically, following the FDA’s controversial approval of the drug on June 7, 2021, the company and its officers are alleged to have misled investors by, among other things, falsely touting the number of sites available to administer the drug in the U.S. and the extent of coverage to be provided under Medicare, the Veterans Health Administration, and private, third-party insurers. Biogen is also subject to multiple Congressional and regulatory investigations related to the approval and marketing of Aduhelm, including by the SEC, the FTC, the U.S. Department of Health and Human Services, and two committees of the U.S. House of Representatives.

Separately, Biogen is also being sued by Humana Inc. for what the insurer says were “millions of dollars” in overpayments stemming from an illegal kickback scheme the company allegedly used to market its drugs for the treatment of multiple sclerosis. On December 17, 2020, Biogen resolved similar claims with the U.S. Department of Justice for $22 million.

The Schubert Firm is investigating potential breaches of fiduciary duty by Biogen’s officers and directors in connection with these allegations. If you own stock in Biogen and wish to obtain additional information about your legal rights, please complete the form below for a free legal consultation.