NEW YORK, Jan. 24, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of North Carolina on behalf of those who acquired Bioventus Inc. (“Bioventus” or the “Company”) (NASDAQ: BVS) securities during the period from February 11, 2021 through November 21, 2022 (the “Class Period”), including investors that purchased Bioventus common stock in, or traceable to, the Company’s February 2021 initial public offering. Investors have until March 13, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Bioventus develops and markets orthopedic therapies and diagnostic tools.
Bioventus conducted its IPO on February 11, 2021, selling 8 million shares at a price of $13.00 per share.
On November 16, 2022, Bioventus issued a press release entitled “Bioventus Files for Extension to File Form 10-Q for the Period Ended October 1, 2022,” which stated, in relevant part: “Bioventus is seeking resolution related to the validity of a revised invoice received subsequent to the Company’s Q3 Earnings Release. The invoice is for rebate claims 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 of the foregoing, the Company’s management has concluded that its internal controls related to the timely recognition of quarterly rebates were inadequate specifically for the period ended October 1, 2022.” That same day, Bioventus filed a notification on Form NT 10-Q with the SEC, regarding the Company’s inability to timely file its quarterly report on Form 10-Q for its fiscal third quarter ended October 1, 2022, which reiterated the statements contained in the Company’s November 16, 2022 press release. On this news, the price of Bioventus shares declined by $1.00 per share, or approximately 33.67%, from $2.97 per share to close at $1.97 on November 17, 2022.
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.” On the same day, Bioventus belatedly filed its quarterly report on Form 10-Q with the SEC, advising of various changes to Bioventus’ 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, the price of Bioventus shares declined by $0.07 per share, or approximately 3.72%, from $1.88 per share to close at $1.81 on November 22, 2022.
If you purchased or otherwise acquired Bioventus securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
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