Biogen $18.9 Million Securities Class Action Settlement

William C. Gendron

Editor in Chief

Published

July 6, 2026 10:50 AM

Updated

July 6, 2026

Who can file a claim?

The settlement includes all persons and entities who purchased or otherwise acquired common stock of Biogen Inc. between June 8, 2021, and July 12, 2021, inclusive.

Additional details

Both individuals and entities can be class members.
The actual beneficial owner or owners, or the legal representatives of such owners, must submit the claim.
All joint beneficial owners must sign the claim form.
Executors, administrators, guardians, conservators and trustees may submit claims on behalf of others and must provide proof of their authority.
Participants in and beneficiaries of a plan covered by ERISA should include only shares purchased or acquired outside of the plan. The plan's trustees may submit claims based on the plan's purchases or acquisitions.

How much can class members get?

The total settlement fund is $18,900,000. The amount each class member will receive depends on several factors:

The number of valid claims submitted
The number of shares purchased or acquired during the class period
The timing of each investor purchase, sale and holding
The total recognized claims of all claimants

The settlement administrator will distribute payments on a pro rata basis according to the court-approved plan of allocation:

The estimated average recovery is approximately $1.36 per eligible share before deductions for taxes, notice and administration expenses, and attorneys' fees and expenses.
Actual payments may be higher or lower depending on individual claims and the total number of valid claims.
The settlement administrator will calculate a recognized loss amount for each purchase or acquisition of Biogen common stock during the class period based on when class members bought and sold their shares.

For shares sold before June 24, 2021, the recognized loss is $0.
For shares sold between June 24, 2021, and July 14, 2021, inclusive, the recognized loss is the lesser of the decline in artificial inflation during the holding period or the purchase price minus the sale price.
For shares sold between July 15, 2021, and the close of trading on Oct. 12, 2021, the recognized loss is the least of the decline in artificial inflation (see Table 1 on Page 14 of the class notice) during the holding period, the purchase price minus the sale price or the purchase price minus the average closing price between July 15, 2021, and the date of sale.
For shares held as of the close of trading on Oct. 12, 2021, the recognized loss is the lesser of the decline in artificial inflation during the holding period or the purchase price minus $318.54, the average closing price of Biogen stock between July 15, 2021, and Oct. 12, 2021.
For shares purchased or acquired on or after July 13, 2021, the recognized loss is $0.

The settlement administrator will set any recognized loss that calculates to a negative number to zero.
Class members whose payment would be less than $10 will not receive a payout.

How to claim a Biogen securities class action settlement payment

Class members may file a claim online or download, print and complete the PDF claim form (pages 22-26 of the settlement notice\_ and mail or email it to the settlement administrator. The claim deadline is Sept. 24, 2026.

Settlement administrator's mailing address: Biogen Securities Litigation Settlement, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Suite 205, Media, PA 19063

Proof or documentation required to submit a claim

All class members must provide the last four digits of their Social Security number or full taxpayer identification number. They must also provide holding, purchase and sale information, including:

Number of Biogen common shares held as of the opening of trading on June 8, 2021
Trade dates for purchases and sales from June 8, 2021, through Oct. 12, 2021
Number of shares purchased, acquired or sold and the total purchase, sale or acquisition price
Number of Biogen common shares held as of the close of trading on Oct. 12, 2021

Class members must also provide documentation to support their transactions. Acceptable proof includes:

Monthly brokerage or other investment account statements
Trade confirmation slips
A signed letter from a broker on firm letterhead containing the transactional and holding information found in a confirmation slip or account statement
Other equivalent proof of transactions

Payout options

Physical check

$18.9 million settlement fund

The $18,900,000 settlement fund includes:

Settlement administration costs: To be determined
Attorneys' fees: Up to $6,300,000
Attorneys' expenses: Up to $1,500,000
Payments to eligible class members: Remainder of the fund

Important dates

Opt-out deadline: Aug. 25, 2026
Deadline to file a claim: Sept. 24, 2026
Fairness hearing: Sept. 29, 2026

When is the Biogen securities class action settlement payout date?

The settlement administrator will issue payments after it processes all claims and the court resolves any appeals and grants final approval to the settlement.

Why did this class action settlement happen?

The class action lawsuit alleged Biogen, Michel Vounatsos and Alisha Alaimo made materially false or misleading statements during a June 8, 2021, investor call, misrepresenting that Biogen engaged with payers in setting Aduhelm's price and that it automatically presumed Medicare fee-for-service coverage with FDA approval. The plaintiffs claimed these statements caused Biogen common stock to trade at artificially inflated prices during the class period.

The defendants denied all allegations of wrongdoing and liability but agreed to settle to eliminate the uncertainty, burden and expense of further litigation.