PDF

Bioventus Inc. Class Action Lawsuit - BVS

39 days left to seek lead plaintiff status

Case Summary

Investors who suffered a loss and would like to learn more, click here to contact us.

The Bioventus class action lawsuit seeks to represent purchasers or acquirers of: (a) Bioventus Inc. (NASDAQ: BVS) Class A common stock pursuant and/or traceable to the offering documents issued in connection with Bioventus’ initial public offering conducted on or about February 11, 2021 (the “IPO”); and/or (b) Bioventus securities between February 11, 2021 and November 21, 2022, inclusive (the “Class Period”).  Captioned Ciarciello v. Bioventus Inc., No. 23-cv-00032 (M.D.N.C.), the Bioventus class action lawsuit charges Bioventus and certain of its top executives and directors with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Bioventus 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 jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Bioventus class action lawsuit must be filed with the court no later than March 13, 2023.

CASE ALLEGATIONS: Bioventus is a medical device company that focuses on developing and commercializing clinical treatments to engage and enhance the body’s natural healing processes. 

The Bioventus class action lawsuit alleges that the IPO’s offering documents and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Bioventus suffered from significant liquidity issues; (ii) Bioventus’ rebate practices were unsustainable; (iii) defendants overstated Bioventus’ business and financial prospects; (iv) Bioventus maintained deficient disclosure controls and procedures and internal controls over financial reporting with respect to the timely recognition of quarterly rebates; and (v) the foregoing increased the risk that Bioventus 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 announced that it could not timely file its quarterly report for third quarter of 2022 because “of the recent decline in [Bioventus’] market capitalization,” which resulted in Bioventus needing “additional time . . . to assess whether a non-cash impairment charge is required.”  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.”  Bioventus further stated that “its internal controls related to the timely recognition of quarterly rebates were inadequate specifically for the period ended October 1, 2022” and that Bioventus “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’ stock price fell more than 33%.

Then, on November 21, 2022, Bioventus announced revised third quarter 2022 results to account for “additional rebate claims related to certain of [Bioventus’] products and a non-cash impairment charge” that amounted to $189.2 million.  That same day, Bioventus belatedly filed its quarterly report for the third quarter of 2022, advising various changes to Bioventus’ historical practices that were necessary to account for rebates, stating that these changes materially impacted Bioventus’ evaluation of its ability to meet debt covenants, resulting in liquidity and going concern disclosures.  On this news, Bioventus’ stock price declined, further damaging investors.

As of when the Bioventus class action lawsuit was filed, Bioventus’ Class A common stock continued to trade below the $13.00 per share IPO price.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Bioventus Class A common stock pursuant and/or traceable to the offering documents issued in connection with Bioventus’ IPO and/or Bioventus securities during the Class Period to seek appointment as lead plaintiff in the Bioventus 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 Bioventus class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Bioventus class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Bioventus 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 nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 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.

Submit Your Information

Valid monetary value, for example, $1000.00

* indicates a required field

Main Menu