Lawyers in San Francisco are examining Biogen Inc. (NASDAQ: BIIB) over possible wrongdoing. Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of Biogen shareholders 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 alleging 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 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, on September 26, 2022, the U.S. Department of Justice announced that Biogen agreed to pay $900 million to settle allegations made by a whistleblower that Biogen paid kickbacks to physicians to induce them to prescribe the company's multiple sclerosis drugs
The Schubert Firm is investigating potential breaches of fiduciary duty by Biogen's officers and directors in connection with these allegations.
BIIB shares, meanwhile, began Thursday trading down $1.85 to $251.82.
