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id: 573, Created by Stan Vick, Scout
Bioventus (BVS) Financial Misstatements Case
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M.D. North CarolinaCourt
On March 31, 2023, Bioventus reported poor full-year 2022 financial results, with a 3.5% decline in sales “primarily driven by a decline in price resulting from higher than expected rebate claims”—that is, another $4 million rebate claim from United, which $BVS called purportedly “unanticipated rebate claims from one private payer”—as well as “lower than previously expected” ASP “for both Durolane and Gelsyn.”
$DVS dropped 11.6%. Five days later, Reali was terminated.
On November 21, 2022, Bioventus (BVS) announced that "due to the adverse effect on the previously announced third quarter 2022 financial results and revenue guidance that resulted from additional rebate claims related to certain of the Company’s products and a non-cash impairment charge required by the U.S. generally accepted accounting principles resulting from the recent decline in the Company’s market capitalization subsequent to its previously announced financial results for the third quarter of 2022, the Company is amending its previously announced third quarter financial results as provided below, which replaces the earnings release of November 8, 2022, in its entirety."
Previously on November 16, 2022, Bioventus (BVS) made a press release about filing for an Extension to File Form 10-Q for the Period Ending October 1, 2022.
Taking all the facts into account, Investors have reason to suspect Bioventus and its Leaders of misguiding them about the true business and financial results of the Company, which consequently led to investment losses.
Failure to Disclose,
Shock Event Date
30 March 2023
12 January 2023
Lead Plaintiff Deadline
13 March 2023
Hon. Catherine C. Eagles