BioNTech SE (BNTX) Investigation: Bronstein, Gewirtz & Grossman, LLC Encourages Investors to Seek Compensation for Alleged Wrongdoings
NEW YORK, Oct. 26, 2023 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of BioNTech SE ("BioNTech" or "the Company") (NASDAQ: BNTX). Investors who purchased BioNTech securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/bntx.
The investigation concerns whether BioNTech has violated federal securities laws.
Investigation Details:
On October 16, 2023, BioNTech issued a press release regarding Pfizer Inc. ("Pfizer"), a collaboration partner of BioNTech, "announc[ing] a non-cash charge for inventory write-offs and other charges related to COMIRNATY of $0.9 billion. The Company has been informed by Pfizer that the majority of the write-offs relate to raw materials, mainly formulation-related lipids, purchased during the pandemic, as well as COVID-19 vaccine doses adapted to other, non-XBB.1.5 variants produced at risk." Accordingly, "BioNTech is evaluating the potential impact of Pfizer's write-offs and other charges related to COMIRNATY on the Company's financial results. BioNTech's current expectation is that the Company is likely to recognize the effect of Pfizer's inventory write-offs and other charges related to COMIRNATY in the third quarter of 2023 up to €0.9 billion, which represents BioNTech's half under the gross profit-sharing agreement with Pfizer. Any such write-offs will reduce the revenues the Company would report for 2023. BioNTech expects to release its financial report for the third quarter of 2023 on November 6, 2023." On this news, BioNTech's stock price fell $6.61 per share, or 6.38%, to close at $96.97 per share on October 16, 2023.
What's Next?
If you are aware of any facts relating to this investigation or purchased BioNTech securities, you can assist this investigation by visiting the firm's site: bgandg.com/bntx . You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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