LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Bioventus Inc. (“Bioventus” or the “Company”) (NASDAQ: BVS) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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In February 2021, Bioventus conducted its initial public offering (“IPO”), selling 8 million shares of Class A common stock at $13 per share.
Then, on November 16, 2022, Bioventus issued a press release announcing that it could not timely file its quarterly report for the period ended October 1, 2022. Bioventus was “seeking resolution related to the validity of a revised invoice” regarding “rebate claims [that it received] from a large private payer in relation to our Pain Treatments vertical, which likely will adversely affect the Company’s previously announced third quarter 2022 financial results.” Moreover, the Company had determined preliminarily that it was required to record a non-cash impairment charge in the range of $185 million to $205 million. As a result, Bioventus disclosed that “its internal controls related to the timely recognition of quarterly rebates were inadequate.”
On this news, Bioventus’s stock price fell $1.00 per share, or 33.67%, to close at $1.97 per share on November 17, 2022, representing a total decline of 84.85% from the IPO price.
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If you purchased Bioventus securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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