Biogen Records Suit Blames Lax Oversight for Pending Legal Woes

Biogen Inc. was sued for corporate records in Delaware by a shareholder seeking to probe whether mismanagement and lax oversight by its board is responsible for the “multifarious investigations, private lawsuits, and severe allegations” facing the biotech company.

“Biogen appears to be a company in disarray,” the Chancery Court suit says.

It invokes a Delaware law giving corporate shareholders generous inspection rights if they credibly suspect mismanagement or self-dealing.

Public documents and court records create “reasonable grounds to believe” that Biogen’s directors led or ignored a scheme to launder kickbacks to Medicare patients through charities, the suit says.

The company ...