| COMPANY |
BioNTech SE |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
23-cv-00337 |
| JUDGE |
The Hon. Dolly Maizie Gee |
| CLASS PERIOD |
March 30, 2022 through October 13, 2023 |
| SECURITY TYPE |
Securities |
BioNTech investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than March 12, 2024 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired BioNTech SE (“BioNTech”) (NASDAQ: BNTX) securities between March 30, 2022 and October 13, 2023, both dates inclusive (the “Class Period”).
Case Background:
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.
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.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.