This first one was interesting to me, of course, because this one includes the "allegations" that I was asking about back in November. I'll tell you why Biogen may have a real hard time defending themselves against this one in a minute.
Shareholder Class Action Filed Against Biogen Idec Inc. By The
Law Firm of Schiffrin & Barroway, LLP
RADNOR, Pa., March 2 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of all securities purchasers of Biogen Idec Inc., (Nasdaq: BIIB) ("Biogen" or the "Company") between February 18, 2004 and February 25, 2005, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com.
The complaint charges Biogen, William Rastetter, and James Mullen with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that TYSABRI posed serious immune-system side effects; (2) that TYSABRI, like other MS drugs, made patients susceptible to progressive multifocal leukoencephalopathy ("PML") by changing the way certain white blood cells function, thereby allowing PML, a normally dormant virus, to run rampant within the human body; (3) that defendants knew and/or recklessly disregarded documented facts that MS drugs can cause greater incidents of PML to occur; and (4) that defendants concealed these facts in order to fast track TYSABRI for FDA approval so that they could reap the financial benefits from the sales of the drug.
On February 28, 2005, before the market opened, Biogen announced a voluntary suspension in the marketing of TYSABRI(R) (natalizumab), a treatment for multiple sclerosis (MS), because of two serious adverse events that have occurred in patients treated with TYSABRI in combination with AVONEX(R) (Interferon beta-1a) in clinical trials. News of this shocked the market. Shares of Biogen fell $28.63 per share, or 42.44 percent, to close at $38.65 on unusually high trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com .
If you are a member of the class described above, you may, not later than May 2, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq.
Darren J. Check, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at firstname.lastname@example.org
SOURCE Schiffrin & Barroway, LLP
CONTACT: Marc A. Topaz, Esq. or Darren J. Check, Esq., Schiffrin & Barroway, LLP, +1-888- 299-7706, +1-610-667-7706, email@example.com -0- Mar/02/2005 23:30 GMT
Last Updated: March 2, 2005 18:30 EST
The problem for Biogen with this lawsuit, as I have said over and over again, is because of the following. Let me quote something to you that I mentioned to a business acquaintance friend of mine in an email. I said:
.... Remember, I gave you links to what I had posted back BEFORE Tysabri was approved. If you didn't read that information then, you might want to now. I mention and explain all about the "infection running rampant" issue, also, in those posts. I go on and on with biological explanations (and they were "basic", *name removed*. ANYBODY "should have known" what I did - and that's all they need to prove in court - i.e. "should have known" doctrine - which is easy in this case). Plus, you know me, I also posted the actual research findings that Biogen ITSELF had done a year earlier that PROVES they "knew" all of the probable dangers (they had previously found it and published it), but didn't adequately or specifically warn people. Any attorney will/can nail them to the wall with it.
No matter how this is "turned", how can it be explained that somebody like me (with NO formal education) was so "certain" all of this was "trouble", and then claim that none of the so-called "medical experts" did? ....
....What if some attorney calls ME into court? And the more someone tries to ruin my credibility, the worse it will make them look anyway. The fact still remains that I found biological and physical (the legal definition) evidence. It would be different if I had just been "rambling", but I wasn't, which a simple two-second perusal by anyone with medical knowledge would have been all that was necessary to show them that.
And then, of course, there is this type of lawsuit:
Law Offices of Brodsky & Smith, LLC Announces Class Action Lawsu
Law Offices of Brodsky & Smith, LLC Announces Class Action
Lawsuit Against Biogen Idec, Inc. -- BIIB
BALA CYNWYD, Pa., March 3, 2005 (PRIMEZONE) -- Law Offices of Brodsky & Smith, LLC today announced that a securities class action was commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Biogen Idec, Inc., (Nasdaq:BIIB) between February 18, 2004 and February 25, 2005, inclusive (the "Class Period").
The case is pending in the United States District Court for the Northern District of Massachusetts against defendants. The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period, which statements had the effect of artificially inflating the market price of the Company's securities.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the proposed class, you may move the court no later than May 2, 2005 to serve as a lead plaintiff for the proposed class. In order to serve as a lead plaintiff, you must meet certain legal requirements. To be a member of the proposed class you need not take any action at this time, and you may retain counsel of your choice.
If you acquired shares of Biogen Idec, Inc. during the Class Period indicated and want to discuss your legal rights, you may e-mail or call Evan J. Smith, Esquire or Marc L. Ackerman who will, without obligation or cost to you, attempt to answer your questions via email at firstname.lastname@example.org or toll free at 877-534-2590, Brodsky & Smith, LLC, Two Bala Plaza, Suite 602 Bala Cynwyd, PA 19004 (fax) 610-667-9029.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
Provider ID: 00073808
Last Updated: March 3, 2005 20:00 EST
http://quote.bloomberg.com/apps/news?pi ... DHL2_8qQMI
....The case is pending in the United States District Court for the District of Massachusetts against defendants Biogen, William Rastetter and James Mullen. The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period, which statements had the effect of artificially inflating the market price of the Company's securities. ....
I have to say, I wouldn't want to be a Biogen executive right now for anything! It'll probably take all those millions that they made on the market in order to try to get themselves out of all this, IF they are able to at all.