LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired BioNTech SE (“BioNTech” or the “Company”) (NASDAQ: BNTX) securities between March 30, 2022 and October 13, 2023, inclusive (the “Class Period”). BioNTech investors have until March 12, 2024 to file a lead plaintiff motion.
If you suffered a loss on your BioNTech 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/BioNTech-SE/. 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.
On August 8, 2022, BioNTech released its second quarter 2022 financial results, missing consensus estimates, which the Company attributed to the “dynamic” development of the pandemic, which the Company claimed caused a “re-phasing of orders” and led to fluctuations in quarterly revenues. On this news, BioNTech’s stock price fell $13.81, or 7.5%, to close at $169.30 per share on August 8, 2022, thereby injuring investors.
Then, on March 27, 2023, BioNTech released its fourth quarter and full year 2022 financial results, forecasting approximately €5 billion in COVID-19 vaccine revenues for 2023, significantly below estimates of over €8 billion. On this news, BioNTech’s stock price fell $4.60, or 3.6%, to close at $123.60 per share on March 27, 2023.
Then, on October 13, 2023, after the market had closed, Pfizer announced that, “due to lower-than-expected utilization for [its] COVID products,” the Company had recorded a non-cash charge of $5.5 billion related to inventory write-offs and other charges. The following trading day, October 16, 2023, BioNTech disclosed that it, too, would likely recognize up to €0.9 billion in inventory write-offs in the third quarter of 2023, and that “[a]ny such write-offs will reduce the revenues the Company would report for 2023.” On this news, BioNTech’s stock price fell $6.61, or 6.4%, to close at $96.97 per share on October 16, 2023.
Then, on November 16, 2023, BioNTech released its third quarter 2023 financial results, confirming that “[i]nventory write-downs by BioNTech’s collaboration partner Pfizer . . . [in connection with Comirnaty] reduced BioNTech’s revenues by €507.9 million and €615.4 million for the three and nine months ended September 30, 2023, respectively.”
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) BioNTech overstated demand for Comirnaty and/or its commercial prospects; (2) the Company and/or Pfizer had accumulated excess inventory of raw materials for Comirnaty, as well as COVID-19 vaccine doses adapted to other, non-XBB.1.5 variants that were produced at risk; (3) accordingly, BioNTech was at an increased risk of recording significant inventory write-offs and other charges related to Comirnaty; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on LinkedIn, Twitter, or Facebook.
If you purchased or otherwise acquired BioNTech securities during the Class Period, you may move the Court no later than March 12, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
[email protected]
