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Case ID: 4253 | Stocks | 03/23/2005
A class action has been filed against (NasdaqNM:BIIB), certain of its officers and directors by stockholders who purchased the company's common stock between February 18, 2004 and February 25, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
According to a press release dated March 2, 2005, a class action lawsuit was filed on behalf of all securities purchasers of Biogen Idec Inc. The complaint charges Biogen and certain of its current executives 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. Further, on or around February 28, 2005, before the market opened, Biogen announced a voluntary suspension in the marketing of TYSABRI® (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® (Interferon beta-1a) in clinical trials. News of this shocked the market. As a result, shares of Biogen fell $28.63 per share, or 42.44 percent, to close at $38.65 on unusually high trading volume. If you bought Biogen Idec, Inc. securities between February 18, 2004 and February 25, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against Blue Coat Systems, Inc. (NasdaqNM:BCSI), certain of its officers and directors by stockholders who purchased the company's common stock between February 20, 2004 and May 27, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Inspire Pharmaceuticals, Inc. (NasdaqNM : ISPH), and certain of its officers and directors by stockholders who purchased the company's common stock between June 02, 2004 and February 08, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against mutual fund companies Allianz Dresdner Asset Management of America, LP and PIMCO Advisors Distributors, LLC by investors who purchased any shares of a number of PIMCO funds between February 23, 1999, and February 17, 2004. The actions claim that the defendants violated federal securities laws by allowing certain favored investors to time their trades to the detriment of the investing public. A class action has been filed against ConAgra Foods, Inc. (NYSE:CAG), certain of its officers and directors by stockholders who purchased the company's common stock between September 18, 2003 and June 07, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Xybernaut Corporation (NasdaqSC:XYBRE), certain of its officers and directors by stockholders who purchased the company's common stock between March 27, 2003 and April 08, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Brocade Communication Systems, Inc. (NasdaqNM:BRCD), certain of its officers and directors by stockholders who purchased the company's common stock between February 21, 2001 and May 15, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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