HARTFORD, Conn., March 3 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of all persons who purchased the publicly traded securities of Biogen Idec Inc. (“Biogen”) between February 18, 2004 and February 25, 2005.
The Complaint alleges that Biogen violated federal securities laws by issuing false or misleading information. Specifically, defendants failed to disclose and misrepresented the following material adverse facts: (i) that TYSABRI(R) (natalizumab), a monoclonal antibody for the treatment of Multiple Sclerosis (“MS”), posed serious immune-system side effects; (ii) 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; (iii) that defendants knew and/or recklessly disregarded documented facts that MS drugs can cause greater incidents of PML to occur; and (iv) 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 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. On this news, shares of Biogen fell $28.63 per share, or 42.44%, to close at $38.65 per share
If you are a member of the class, you may, no later than May 2, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com. To view a copy of the Complaint initiating the class action, which was not filed by Schatz & Nobel, or for more information about this case, class action cases in general, or Schatz & Nobel, please visit our website: http://www.snlaw.net/.
CONTACT: Wayne T. Boulton or Nancy Kulesa Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: sn06106@aol.com
SCHATZ & NOBEL, P.C.
Contact: Wayne T. Boulton or Nancy Kulesa, +1-800-797-5499,sn06106@aol.com, both of Schatz and Nobel
Web site: http://www.snlaw.net/
