United States First Circuit

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In Re: Biogen Inc. Sec. Litig., 16-1976

In a putative class action securities case involving allegations that corporate officials misled the public about the effect of one patient's death on sales of Tecfidera, a drug for multiple sclerosis (MS) and the company's leading source of revenue, alleging violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (Exchange Act), 15 U.S.C. sections 78j(b) and 78t(a), the district court's dismissal of the second amended complaint and denial of the motion to vacate the judgment and for leave to amend the complaint are affirmed where: 1) the initial amended complaint fails to plead particularized facts giving rise to a strong inference of scienter, as required by the PSLRA; and 2) there was no error or abuse of discretion in the denial of the motion to vacate the judgment and for leave to file a second amended complaint.

Appellate Information

  • Argued
  • Submitted
  • Decided
  • Published 2017/05/12

Judges

  • LYNCH

Court

  • United States First Circuit

Counsel


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