BIOVENTUS INC. (NASDAQ: BVS) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Bioventus Inc. (NASDAQ: BVS)

Did you lose money on investments in Bioventus? If so, please visit Bioventus Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.

NEW YORK, March 06, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or otherwise acquired: (a) Bioventus Inc. (“Bioventus”) Class A common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company's initial public offering conducted on or about February 11, 2021 (the “IPO” or “Offering”); and/or (b) Bioventus securities between February 11, 2021 and November 21, 2022, both dates inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Middle District of North Carolina and alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.

Bioventus is a medical device company that focuses on developing and commercializing clinical treatments to engage and enhance the body's natural healing process.

On January 20, 2021, Bioventus filed a registration statement with the SEC on February 10, 2021 (the “Registration Statement”).   On or about February 11, 2021, pursuant to the Registration Statement, Bioventus conducted the IPO, issuing 8 million shares of its Class A common stock to the public at the Offering price of $13 per share.   On February 12, 2021, Bioventus filed a prospectus in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and the Registration Statement are the “Offering Documents”).

Plaintiff alleges that Defendants made materially false and misleading statements in the Offering Documents and throughout the Class Period.  Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) Bioventus suffered from significant liquidity issues; (ii) the Company's rebate practices were unsustainable; (iii) accordingly, Defendants overstated the Company's business and financial prospects; (iv) Bioventus maintained deficient disclosure controls and procedures and internal control over financial reporting with respect to the timely recognition of quarterly rebates; and (v) all the foregoing increased the risk that the Company would be forced to recognize a significant non-cash impairment charge, could not timely file one or more of its financial reports, would have to amend one or more of its financial statements, and could not meet its financial obligations as they came due.

On November 16, 2022, Bioventus issued a press release announcing that it could not timely file its quarterly report for third quarter of 2022 because “of the recent decline in the Company's market capitalization subsequent to its previously announced financial results for the third quarter of 2022,” which resulted in the Company needing “additional time . . . to assess whether a non-cash impairment charge is required for the third quarter of 2022.” Bioventus also revealed that it “is seeking resolution related to the validity of a revised invoice” for certain “rebate claims” and that “[t]he recognition of additional rebates may impact Bioventus’ recently announced revenue guidance.” In addition, Bioventus disclosed that “its internal controls related to the timely recognition of quarterly rebates were inadequate specifically for the period ended October 1, 2022” and that the Company “is also evaluating whether [it] 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 almost 34%.

Then, on November 21, 2022, Bioventus issued a press release announcing revised third quarter 2022 results to account for “additional rebate claims related to certain of the Company's products and a non-cash impairment charge” that amounted to $189.2 million “due to the recent decline in our market capitalization subsequent to our previously announced financial results for the three and nine months ended October 1, 2022.” That same day, Bioventus belatedly filed its quarterly report on Form 10-Q with the SEC for the third quarter of 2022, advising of various changes to Bioventus's historical practices that were necessary to account for rebates, stating that these changes materially impacted the Company's evaluation of its ability to meet debt covenants, resulting in liquidity and going concern disclosures.   On this news, Bioventus’ stock price fell over 3%.

If you wish to serve as lead plaintiff, you must move the Court no later than March 13, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased or otherwise acquired Bioventus securities, including pursuant to the IPO, and/or would like to discuss your legal rights and options please visit Bioventus Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.