Full Press Release Details
NEW YORK, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Bioventus Inc. (“Bioventus” or the “Company”) (NASDAQ: BVS). A complaint has been filed on behalf of investors who purchased or otherwise acquired Bioventus securities traceable to the Company’s initial public offering conducted on or about February 11, 2021 (the “IPO”) and/or Bioventus securities between February 11, 2021 and November 21, 2022, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Bioventus securities and would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling (212) 687-1980.
If you are a member of the proposed Class, you may move the court no later than March 13, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On November 16, 2022, Bioventus issues a press release that stated “[a]s a result of the recent decline in the Company’s market capitalization subsequent to its previously announced financial results for the third quarter of 2022 (‘Q3 Earnings Release’), Bioventus requires additional time to complete a review in accordance with generally accepted accounting principles to assess whether a non-cash impairment charge is required for the third quarter of 2022. The preliminary review indicates an impairment charge in the range of $185 million to $205 million.”
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 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 November 17, 2022, Bioventus shares declined from a close on November 16, 2022 of $2.97 per share to close at $1.97 per share, a decline of $1 per share, or over 33% on higher than usual volume.
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