Philadelphia, Pennsylvania--(Newsfile Corp. - January 8, 2024) - Shareholder protection law firm Kaskela Law LLC announces that it is investigating Bioventus Inc. (NASDAQ: BVS) ("Bioventus") on behalf of the company's long-term investors.
Recently an amended securities fraud complaint was filed against Bioventus on behalf of investors who purchased shares of the company's stock between February 11, 2021 and March 30, 2023 (the "Class Period"). According to the complaint, during the Class Period Bioventus and certain of the company's senior executives issued "false and misleading statements about the internal controls and pricing on Bioventus's key products and its material overstatement of revenue" and earnings in violation of Generally Accepted Accounting Principles ("GAAP").
As further detailed in the complaint, on November 8, 2022, Bioventus reported dismal earnings and slashed guidance because of a shift in pricing and an $8.4 million rebate claim. On this news, shares of Bioventus's common stock fell $4.06 per share, or over 57% in value, to close on November 8, 2022 at $3.00 per share.
Subsequently, on November 16, 2022, the Company revealed: (i) that it would be unable to timely file its quarterly report with the SEC; (ii) that its "internal controls related to the timely recognition of quarterly rebates were inadequate"; and (iii) that Bioventus expected to take an impairment charge in the range of $185 million to $205 million.
The investigation seeks to determine whether the members of Bioventus' board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Bioventus stockholders who purchased or acquired BVS shares prior to November 8, 2022 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 - 0750, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/bioventus/ , for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 - 1740
(484) 229 - 0750
www.kaskelalaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193466
