Full Press Release Details
NEW YORK, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
Do you, or did you, own shares of BioNTech SE (NASDAQ: BNTX)?
Did you purchase your shares between March 30, 2022 and October 13, 2023, inclusive?
Did you lose money in your investment in BioNTech SE?
Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of BioNTech SE (“BioNTech” or the “Company”) (NASDAQ: ASRT) between March 30, 2022 and October 13, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired BioNTech securities, and/or would like to discuss your legal rights and options please visit BioNTech SE Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, BioNTech is a biotechnology company that develops and commercializes immunotherapies for cancer and other infectious diseases. The Company has developed and continues to develop, among other products and product candidates, Comirnaty, a COVID-19 vaccine, in collaboration with Pfizer Inc. (“Pfizer”). As part of BioNTech’s collaboration agreement with Pfizer, the two companies share gross profits from COVID-19 vaccine sales in their respective territories. In addition, Pfizer’s inventory write-offs for COVID-19 products reduce BioNTech’s gross profit share, thereby reducing BioNTech’s vaccine revenues.
Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (i) BioNTech overstated demand for Comirnaty and/or its commercial prospects; (ii) the Company and/or Pfizer had accumulated excess inventory of raw materials for Comirnaty, as well as COVID-19 vaccine doses adapted to other, non-XBB.1.5 variants that were produced at risk; and (iii) accordingly, BioNTech was at an increased risk of recording significant inventory write-offs and other charges related to Comirnaty.
On Monday, October 16, 2023, during pre-market hours, BioNTech issued a press release announcing that, as a result of Pfizer’s inventory write-offs and other charges related to Comirnaty, BioNTech, too, would likely recognize up to €0.9 billion in inventory write-offs and other charges related to Comirnaty in the third quarter of 2023, which represents BioNTech’s half under the gross profit-sharing agreement with Pfizer. BioNTech also disclosed that “[a]ny such write-offs will reduce the revenues the Company would report for 2023.” According to BioNTech, Pfizer informed the Company “that the majority of the write-offs relate to raw materials, mainly formulation-related lipids, purchased during the pandemic, as well as COVID-19 vaccine doses adapted to other, non-XBB.1.5 variants produced at risk.”
On this news, BioNTech’s American Depositary Share (“ADS”) price fell $6.61 per ADS, or 6.38%, to close at $96.97 per ADS on October 16, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than March 12, 2024. 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 acquired BioNTech securities, and/or would like to discuss your legal rights and options please visit BioNTech SE Shareholder Class Action Lawsuit or contact paralegal 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 sixteen consecutive years.
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