WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Bioventus Inc. (NASDAQ: BVS) resulting from allegations that Bioventus may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Bioventus securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=10065 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
WHAT IS THIS ABOUT: In February 2021, Bioventus conducted its initial public offering (“IPO”), selling 8 million shares of its Class A common stock at $13 per share.
Then on November 16, 2022, after market hours, Bioventus issued a press release announcing that it could not timely file its quarterly report for the period ended October 1, 2022 because it “requires additional time to complete a review … to assess whether a non-cash impairment charge is required for the third quarter of 2022.” Bioventus further stated that it “is seeking resolution related to the validity of a revised invoice” regarding “rebate claims [that it received] from a large private payer in relation to our Pain Treatments vertical, which likely will adversely affect the Company’s previously announced third quarter 2022 financial results.” As a result, Bioventus advised that “its internal controls related to the timely recognition of quarterly rebates were inadequate” and is “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 this news, Bioventus’ stock price fell $1.00 per share, or 33%, on November 17, 2022 to close at $1.97 per share, on unusually heavy trading volume.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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