Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Bioventus Inc. (BVS) on Behalf of Investors
Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Bioventus Inc. ("Bioventus" or the "Company") (NASDAQ: BVS) investors concerning the Company's possible violations of the federal securities laws.
If you suffered a loss on your Bioventus investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/bioventus-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
In February 2021, Bioventus conducted its initial public offering ("IPO"), selling 8 million shares of Class A common stock at $13 per share.
Then, on November 16, 2022, Bioventus issued a press release announcing that it could not timely file its quarterly report for the period ended October 1, 2022. Bioventus was "seeking resolution related to the validity of a revised invoice" regarding "rebate claims [that it received] from a large private payer in reltion to our Pain Treatments vertical, which likely will adversely affect the Company's previously announced third quarter 2022 financial results." Moreover, the Company had determined preliminarily that it was required to record a non-cash impairment charge in the range of $185 million to $205 million. As a result, Bioventus disclosed that "its internal controls related to the timely recognition of quarterly rebates were inadequate."
On this news, Bioventus's stock price fell $1.00 per share, or 33.67%, to close at $1.97 per share on November 17, 2022, representing a total decline of 84.85% from the IPO price.
Whistleblower Notice: Persons with non-public information regarding Bioventus should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM's nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM's lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM's attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM's past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money.
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