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BNTX.US
id: 1032
BioNTech (BNTX) COVID-19 Vaccine Demand Case
S.D. New York
Court1:24-cv-05310
Case number03/30/2022
Class period Start10/13/2023
Class period End03/12/2024
Lead Plaintiff motion deadline- $BNTX stockholder filed a claim vs. BioNTech for overstating demand and prospects for their COVID-19 vaccine and having excess inventory.
- The BioNTech disappointing financial results caused $BNTX 7% fall, and $3.28B shareholder value loss.
On August 8, 2022, BioNTech announced lower earnings and revenue than expected. This resulted in a more than 7% $BNTX drop.
- The earnings-per-share were €6.45, missing estimates by €0.63, and revenue was €3.2B, missing estimates by €910M.
Then, on March 27, 2023, BioNTech shared financial results for 2022, predicting about €5B from COVID-19 vaccines in 2023 — much less than the expected €8B. This caused $BNTX to fall by almost 4%.
After that, BioNTech announced potential charges of up to €0.9B due to issues with Pfizer's Comirnaty. The news also led to a more than 6% drop in $BNTX.
Based on these events, $BNTX stockholder filed a claim against BioNTech and its leaders:
- BioNTech supposedly said that its Comirnaty had more demand and better commercial prospects than it actually did.
- BioNTech and Pfizer allegedly had extra materials and COVID-19 doses for other variants, risking significant financial losses for BioNTech.
Considering all the representations, investors have reasons to suspect that BioNTech misled them by overstating prospects for Comirnaty and that with excess inventory, BioNTech faced a risk of financial losses.
Case Status
Motion to dismiss
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/08/2022
Filing date
01/12/2024
Lead Plaintiff Deadline
03/12/2024