BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Bioventus Inc. (“Bioventus” or the “Company”) (NASDAQ: BVS) investors concerning the Company’s possible violations of federal securities laws.
In February 2021, Bioventus conducted its initial public offering ("IPO"), selling 8 million shares of 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. Bioventus was "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." Moreover, the Company had determined preliminarily that it was required to record a non-cash impairment charge in the range of $185 million to $205 million. As a result, Bioventus disclosed that "its internal controls related to the timely recognition of quarterly rebates were inadequate."
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 purchased Bioventus securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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