According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued statements suggesting that Biogen misrepresented the financial benefits that it would receive from the sale of its drug TECFIDERA. During the first half of 2015, Biogen predicted 2015 revenue growth between 14% and 16% over 2014. Specifically, Biogen told the market that TECFIDERA would represent the largest contributor to its overall revenue growth. Then, on July 24, 2015, Biogen announced a revision to its previously issued revenue growth guidance, reducing its expected growth by half “based largely on revised expectations for the growth of TECFIDERA.” Biogen stock dropped significantly immediately following this announcement.
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