A securities class action lawsuit has been filed in the USDC — M.D.N.C. against Bioventus, Inc. (“BVS”) On behalf of all persons and entities that purchased or otherwise acquired: (a) Bioventus Class A common stock pursuant and/or traceable to the Offering Documents (the “Prospectus” and, together with the “Registration Statement”) issued in connection with the Company’s initial public offering conducted on or about February 11, 2021 (the “IPO” or “Offering”); and/or (b) Bioventus securities between February 11, 2021 through November 21, 2022 (the “Class Period”).
The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that:
- Bioventus suffered from significant liquidity issues;
- the Company’s rebate practices were unsustainable;
- accordingly, Defendants overstated the Company’s business and financial prospects;
- Bioventus maintained deficient disclosure controls and procedures and internal control over financial reporting with respect to the timely recognition of quarterly rebates;
- all the foregoing increased the risk that the Company would be forced to recognize a significant non-cash impairment charge, could not timely file one or more of its financial reports, would have to amend one or more of its financial statements, and could not meet its financial obligations as they came due; and
- as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
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