NEW YORK, NY / ACCESSWIRE / December 2, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Bioventus Inc. ("Bioventus" or the "Company") (NASDAQ:BVS).
If you suffered losses exceeding $50,000 investing in Bioventus stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/BVS.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
In February 2021, Bioventus conducted its initial public offering ("IPO"), selling 8 million shares of 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. Bioventus was "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." Moreover, the Company had determined preliminarily that it was required to record a non-cash impairment charge in the range of $185 million to $205 million. As a result, Bioventus disclosed that "its internal controls related to the timely recognition of quarterly rebates were inadequate."
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.
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SOURCE: Faruqi & Faruqi, LLP