NEW YORK, Pomerantz LLP is investigating claims on behalf of investors of Biogen Inc. (“Biogen” or the “Company”).
The investigation concerns whether Biogen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 11, 2022, post-market, the Center for Medicare and Medicaid Services (“CMMS”) announced its draft decision on reimbursement for Aduhelm, Biogen’s proposed treatment for Alzheimer’s disease. CMMS proposed to cover reimbursement under “Coverage with Evidence Development,” limiting reimbursement only to patients enrolled in a clinical trial.
Additionally, it limited those patients eligible as those with mild forms of cognitive impairment or mild dementia and those patients who already have amyloid plaques. Further, CMMS proposed limiting reimbursement to clinical trials in a hospital-based outpatient setting. CMMS’s reimbursement decision functionally amounted to agreeing to reimburse Biogen for running a new clinical trial, all but destroying the value of Aduhelm as an approved drug.
On this news, Biogen’s stock price fell $16.18 per share, or 6.7%, to close at $225.34 per share on January 11, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
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