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BVS.US
id: 573

Bioventus (BVS) Investor Settlement

M.D. North Carolina
Court
1:23-cv-00032
Case number
11 Feb 2021
Class period Start
30 Mar 3023
Class period End
Bioventus reached an agreement with $BVS investors to settle claims related to financial issues, including unexpected refund claims from customers.

Outline

In late 2022, Bioventus updated its Q3 results on November 21, 2022, and reported a 3.5% decline in sales for the full year of 2022, mainly due to unexpected refund claims from customers and lower-than-expected average selling prices. Following these announcements, $BVS fell significantly, leading to a lawsuit from investors.

Timeline
  • On November 8, 2022​: Bioventus initially reported its Q3 financial results.
  • On March 31, 2023: Bioventus updated its report, revealing a 3.5% sales decline for 2022.
  • $BVS dropped 11.6% following this news that same day.
  • In April 2023: Reali, the CFO of Bioventus, stepped down from his position.
  • On January 12, 2023: Investors filed a lawsuit against Bioventus.
Background

On November 21, 2022, Bioventus revised its Q3 results due to unexpected refund claims and lower-than-expected prices for Durolane and Gelsyn. This update replaced their previous report from November 8, 2022.

Then, on March 31, 2023, Bioventus announced its full-year 2022 financial results, revealing a 3.5% decline in sales. This decline was mainly due to unexpected customer refunds, including a significant $4M claim from the customer UnitedHealthcare.

The financial results also highlighted lower average selling prices (ASP) for both Durolane and Gelsyn.

Following this announcement, $BVS dropped by 11.6%.

Five days after the announcement of the revised report, John Reali, the CFO, stepped down from his position.

After that, on January 12, 2023, investors filed a lawsuit against Bioventus. They claimed the company misled them about its financial health by not disclosing unexpected rebate claims.

What can investors expect now?

Bioventus reached an agreement with $BVS investors to settle claims related to financial issues, including unexpected refund claims from customers.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.

Case Status
Tentative Settlement
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Filing date
12 January 2023
Lead Plaintiff Deadline
13 March 2023
Plaintiffs
Robert Ciarciello
Attorneys
Bleichmar Fonti & Auld LLP (New York, NY), Tin Fulton Walker & Owen PLLC (Durham, NC)
Defendants
Kenneth M. Reali, Mark L. Singleton, Gregory O. Anglum, Susan M. Stalnecker
Judge
Hon. Catherine C. Eagles
Trades matching type
FIFO

Bioventus Inc

Bioventus Inc., a medical device company, focuses on developing and commercializing treatments that engage and enhance the body's natural healing process in the United States and internationally. T...

    Ticker
    BVS.US
    ISIN
    US09075A1088
    CIK
    1665988
    Sector
    Healthcare
    Industry
    Medical Devices
    Country
    USA
    Address
    4721 Emperor Boulevard, Durham, NC, United States, 27703