Lawsuit filed for Investors who lost money with shares of Bioventus Inc. (NASDAQ: BVS)

An investor, who purchased shares of Bioventus Inc. (NASDAQ: BVS), filed a lawsuit over alleged violations of Federal Securities Laws by Bioventus Inc. in connection with certain allegedly false and misleading statements made in connection with the Company's initial public offering conducted on or about February 11, 2021 (the "IPO" or "Offering") and/or between February 11, 2021 and November 21, 2022,

Investors who purchased shares of Bioventus Inc. (NASDAQ: BVS) pursuant to the February 11, 2021 IPO and/or between February 11, 2021 and November 21, 2022, have certain options and for certain investors are short and strict deadlines running. Deadline: March 13, 2023. NASDAQ: BVS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Durham, NC based Bioventus Inc. a medical device company, focuses on developing and commercializing clinical treatments that engage and enhance the body's natural healing process in the United States and internationally.
On February 11, 2021, Bioventus Inc. conducted its initial public offering ("IPO"), selling 8 million shares priced at $13.00 per share.
Bioventus Inc. reported that its annual Total Revenue rose from $321.16 million in 2020 to $430.89 million in 2021, and that its Net Income increased from $16.41 million in 2020 to $19.37 million in 2021.

On November 16, 2022, Bioventus Inc. announced that it could not timely file its quarterly report for third quarter of 2022 because "of the recent decline in the Company's market capitalization subsequent to its previously announced financial results for the third quarter of 2022," which resulted in the Company needing "additional time . . . to assess whether a non-cash impairment charge is required for the third quarter of 2022." Bioventus also revealed that it "is seeking resolution related to the validity of a revised invoice" for certain "rebate claims" and that "[t]he recognition of additional rebates may impact Bioventus' recently announced revenue guidance." In addition, Bioventus disclosed that "its internal controls related to the timely recognition of quarterly rebates were inadequate specifically for the period ended October 1, 2022" and that the Company "is also evaluating whether [it] 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."

Then, on November 21, 2022, Bioventus Inc. announced revised third quarter 2022 results to account for "additional rebate claims related to certain of the Company's products and a non-cash impairment charge" that amounted to $189.2 million "due to the recent decline in our market capitalization subsequent to our previously announced financial results for the three and nine months ended October 1, 2022." That same day, Bioventus belatedly filed its quarterly report on Form 10-Q with the SEC for the third quarter of 2022, advising of various changes to Bioventus's historical practices that were necessary to account for rebates, stating that these changes materially impacted the Company's evaluation of its ability to meet debt covenants, resulting in liquidity and going concern disclosures.

Since the IPO shares of Bioventus Inc. (NASDAQ: BVS) declined to as low as $1.65 per share on November 22, 2022.

The plaintiff alleges on behalf of investors of Bioventus Inc. (NASDAQ: BVS) common shares who purchased NASDAQ: BVS shares pursuant and/or traceable to the Offering Documents issued in connection with the February 11, 2021 IPO and/or between February 11, 2021 and November 21, 2022, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Defendants failed to disclose that Bioventus suffered from significant liquidity issues, that the Company's rebate practices were unsustainable, that accordingly, Defendants overstated the Company's business and financial prospects, that Bioventus maintained deficient disclosure controls and procedures and internal control over financial reporting with respect to the timely recognition of quarterly rebates, and that all the foregoing increased the risk that the Company would be forced to recognize a significant non-cash impairment charge, could not timely file one or more of its financial reports, would have to amend one or more of its financial statements, and could not meet its financial obligations as they came due.

Those who purchased shares of Bioventus Inc. (NASDAQ: BVS) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.