Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Bioventus Inc. (BVS)
NEW YORK, Dec. 7, 2022 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Bioventus Inc. ("Bioventus" or the "Company") (NASDAQ: BVS). Investors who purchased Bioventus securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/bvs.
The investigation concerns whether Bioventus violated federal securities laws.
On or around February 11, 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, 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", which a preliminary review indicated to be "in the range of $185 million to $205 million." 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'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.
If you are aware of any facts relating to this investigation or purchased Bioventus shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/bvs. You can also contact Peretz Bronstein or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The 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
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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