BioNTech SE Class Action Lawsuit - BNTX
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The BioNTech class action lawsuit seeks to represent purchasers or acquirers of BioNTech SE (NASDAQ: BNTX) securities between March 30, 2022 and October 13, 2023, inclusive (the “Class Period”). Captioned Ladewig v. BioNTech SE, No. 24-cv-00337 (C.D. Cal.), the BioNTech class action lawsuit charges BioNTech and certain of BioNTech’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the BioNTech class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the BioNTech class action lawsuit must be filed with the court no later than March 12, 2024.
CASE ALLEGATIONS: BioNTech is a biotechnology company that develops and commercializes immunotherapies for cancer and other infectious diseases. BioNTech has developed and continues to develop, among other products and product candidates, Comirnaty, a COVID-19 vaccine, in collaboration with Pfizer Inc.
The BioNTech class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) BioNTech overstated demand for Comirnaty and/or its commercial prospects; (ii) BioNTech 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.
The BioNTech class action lawsuit further alleges that on August 8, 2022, BioNTech announced earnings-per-share under generally accepted accounting principles of €6.45, missing consensus estimates by €0.63, and revenue of €3.2 billion, missing consensus estimates by €910 million, and representing a 39.7% year-over-year decrease. On this news, the price of BioNTech American Depositary Shares (“ADSs”) fell more than 7%, according to the complaint.
Then, as the BioNTech class action lawsuit further alleges, on March 27, 2023, BioNTech announced fourth quarter and full year 2022 financial results, which, among other things, forecasted approximately €5 billion in COVID-19 vaccine revenues for the 2023 financial year, significantly below market estimates of over €8 billion. On this news, the price of BioNTech ADSs fell nearly 4%, according to the complaint.
The complaint further alleges that on October 16, 2023, BioNTech announced 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 its gross profit-sharing agreement with Pfizer, and that “[a]ny such write-offs will reduce the revenues the Company would report for 2023.” On this news, the price of BioNTech ADSs fell more than 6%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired BioNTech securities during the Class Period to seek appointment as lead plaintiff in the BioNTech class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the BioNTech class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the BioNTech class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the BioNTech class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.