NEW YORK, NY / ACCESSWIRE / November 25, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Bioventus Inc. ("Bioventus" or the "Company") (NASDAQ:BVS). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.
The investigation concerns whether Bioventus and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around February 11, 2021, Bioventus conducted its initial public offering ("IPO"), selling 8 million shares of its Class A common stock at $13 per share. Then, on November 16, 2022, Bioventus issued a press release announcing that it could not timely file its quarterly report for the period ended October 1, 2022 because it "requires additional time to complete a review . . . to assess whether a non-cash impairment charge is required for the third quarter of 2022", which a preliminary review indicated to be "in the range of $185 million to $205 million." Bioventus further stated that it "is seeking resolution related to the validity of a revised invoice" regarding "rebate claims [that it received] from a large private payer in relation to our Pain Treatments vertical, which likely will adversely affect the Company's previously announced third quarter 2022 financial results." As a result, Bioventus advised that "its internal controls related to the timely recognition of quarterly rebates were inadequate" and is "evaluating whether the Company will be able to meet all of its financial obligations as they come due within one year after the date its financial statements for the period ended October 1, 2022, are issued."
On this news, Bioventus's stock price fell $1.00 per share, or 33.67%, to close at $1.97 per share on November 17, 2022, representing a total decline of 84.85% from the IPO price.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP