Biogen Secures Denial of Motion to Vacate Dismissal

Skadden secured the denial of the plaintiffs' motion to vacate the dismissal of a putative class action against Biogen Inc. and certain of its current and former officers. The plaintiffs filed the lawsuit shortly after the company released revised revenue guidance and the company's share price fell 22 percent. The plaintiffs alleged violations of the federal securities laws, asserting that the defendants intentionally misled the market regarding revenue projections for the company's multiple sclerosis drug Tecfidera. On September 28, Judge Dennis Saylor of the U.S. District Court for the District of Massachusetts rejected the plaintiffs' arguments that they should be permitted to file a further amended complaint based on purportedly "newly" discovered evidence, finding that the plaintiffs failed to provide a "cogent" or "convincing" reason why the "new" evidence could not have been discovered earlier with appropriate diligence.