Kessler Topaz Meltzer & Check, LLP Reminds BioNTech SE Investors of Important Deadline in Securities Fraud Class Action Lawsuit and Encourages Investors with Substantial Losses to Contact the Firm
RADNOR, Pa., March 7, 2024 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against BioNTech SE ("BioNTech") (NASDAQ: BNTX). The action charges BioNTech with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of BioNTech' s materially misleading statements and omissions to the public, BioNTech' s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR BIONTECH LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/biontech-se?utm_source=PR&utm_medium=link&utm_campaign=bntx&mktm=r
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LEAD PLAINTIFF DEADLINE: MARCH 12, 2024
CLASS PERIOD: MARCH 30, 2022 THROUGH OCTOBER 13, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at info@ktmc.com
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field as well as the firm itself which is continuously awarded for the successful results we've achieved. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
In addition to representing investors in cases where the fraud has been revealed, Kessler Topaz also represents whistleblowers - persons who expose wrongdoing to those in positions of authority or to the public- in cases brought under federal and state qui tam statutes, and through financial fraud whistleblower programs, such as those run by the SEC, CFTC and IRS. If you have information about fraud against government programs (such as Medicare), or violations of federal securities, commodities, tax or anti-foreign bribery laws, contact Kessler Topaz at (866) 369-7779 or at wbinfo@ktmc.com or go to https://www.ktmc-whistleblower.com.
DEFENDANTS' ALLEGED MISCONDUCT
The Class Period begins on March 30, 2022, when BioNTech issued a press release during pre-market hours announcing the company's fourth quarter and full year 2021 financial results. That same day, BioNTech also filed its annual report with the SEC wherein the company discussed Comirnaty, its COVID-19 vaccine in collaboration with Pfizer, and Comirnaty's widespread adoption and use in commercial markets, while simultaneously touting the vaccine's continued demand prospects
On August 8, 2022, during pre-market hours, BioNTech issued a press release announcing its second quarter 2022 financial results. Among other things, BioNTech's reported earnings-per-share and revenue both missed consenus estimates. BioNTech attributed the result, in part, to the "dynamic" development of the pandemic, which "caus[ed] a re-phasing of orders and . . . le[d] to fluctuations in quarterly revenues." According to BioNTech, "[t]his revenue fluctuation caused by the re-phasing of orders is expected to remain over the rest of the financial year with an uptake in demand in key markets in the fourth quarter of 2022 related to the Omicron-adapted bivalent vaccine, subject to regulatory approval." Following this news, BioNTech's American Depositary Share ("ADS") price fell $13.81 per ADS, or 7.54%, to close at $169.30 per ADS on August 8, 2022.
Then on March 27, 2023, during pre-market hours, BioNTech issued a press release announcing its fourth quarter and full year 2022 financial results. In the results, BioNTech forecasted approximately €5 billion in COVID-19 vaccine revenues for the 2023 financial year, significantly below market estimates of over €8 billion. Following this news, BioNTech's ADS price fell $4.60 per ADS, or 3.59%, to close at $123.60 per ADS on March 27, 2023.
On Friday, October 13, 2023, during after-market hours, Pfizer issued a press release announcing, among other things, that due to lower-than-expected utilization for its COVID products, Pfizer was recording a non-cash charge of $5.5 billion to Cost of Goods Sold in the third quarter of 2023 which consisted of inventory write-offs and other charges relating to Comirnaty. Pfizer also reduced its full-year 2023 revenue expectations for Comirnaty by approximately $2.0 billion.
On Monday, October 16, 2023, during pre-market hours, BioNTech issued a press release disclosing that, as a result of Pfizer's inventory write-offs and other charges related to Comirnaty, BioNTech, too, would likely recognize up to €0.9 billion in inventory write-offs and other charges related to Comirnaty in the third quarter of 2023. The company also reported that "[a]ny such write-offs will reduce the revenues the Company would report for 2023." According to BioNTech, Pfizer indicated "that the majority of the write-offs relate to raw materials, mainly formulation-related lipids, purchased during the pandemic, as well as COVID-19 vaccine doses adapted to other, non-XBB.1.5 variants produced at risk." Following this news, BioNTech's ADS price fell $6.61 per ADS, or 6.38%, to close at $96.97 per ADS on October 16, 2023.
WHAT CAN I DO?
BioNTech investors may, no later than March 12, 2024, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages BioNTech investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against BioNTech, Ladewig v. BioNTech, et al., Case No. 24-cv-00337, is filed in the United States District Court for the Central District of California.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
info@ktmc.com
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