Appeals court upholds dismissal of Biogen Idec suit
This article was originally published in Scrip
Executive Summary
A US appeals court has upheld the dismissal of a consolidated class action brought by pension and annuity funds against Biogen Idec for the 2005 stock drop after the company temporarily withdrew its multiple sclerosis product Tysabri (natalizumab) from the market. A three-judge panel of the US Court of Appeals for the First Circuit denied the plaintiffs' appeal. The shares lost around 90% of their value in the aftermath of the withdrawal; the product was successfully returned to the market.