A securities class action has been filed in the USDC —C.D.CA. against BioNTech SE (BNTX) (“BioNTech” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired BioNTech securities between March 30, 2022 and October 13, 2023, both dates inclusive (the “Class Period”).
BioNTech is a biotechnology company that develops and commercializes immunotherapies for cancer and other infectious diseases. The Company has developed and continues to develop, among other products and product candidates, Comirnaty, a COVID-19 vaccine, in collaboration with Pfizer Inc. (“Pfizer”). As part of BioNTech’s collaboration agreement with Pfizer, the two companies share gross profits from COVID-19 vaccine sales in their respective territories. In addition, Pfizer’s inventory write-offs for COVID-19 products reduce BioNTech’s gross profit share, thereby reducing BioNTech’s vaccine revenues.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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’ public statements were materially false and/or misleading at all relevant times, thereby harming investors.
After the announcement in the press release on August 8, 2022, the Company’s American Depositary Share (“ADS”) price fell $13.81 per ADS, or 7.54%, to close at $169.30 on the same day.
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