Class Action Lawsuit News

Stull, Stull & Brody Announces Class Action Against Biogen Idec Inc.

Stull, Stull & Brody Announces Class Action Against Biogen Idec Inc.: "NEW YORK--(BUSINESS WIRE)--April 21, 2005--Notice is hereby given that a class action lawsuit was filed on April 21, 2005 in the United States District Court for the District of Massachusetts, on behalf of all securities purchasers of Biogen Idec Inc. ('Biogen' or the 'Company') (NASDAQ:BIIB) between February 18, 2004 and February 25, 2005, inclusive (the 'Class Period').

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 materially adverse facts which were known to defendants or recklessly disregarded by them: (1) that TYSABRI posed serious immunity-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." (Full story at link)

posted by Monkeyman @ 8:55 AM