Case View

BIONTECH SE SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES

BioNTech SE

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired BioNTech SE (“BioNTech” or the “Company”) (NASDAQ: BNTX) securities between March 30, 2022 and October 13, 2023, inclusive. The lawsuit seeks to recover BioNTech shareholders’ investment losses.

If you purchased securities in BioNTech between March 30, 2022 and October 13, 2023, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.

According to the Complaint, 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.

Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (i) BioNTech overstated demand for Comirnaty and/or its commercial prospects; (ii) 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; and (iii) accordingly, BioNTech was at an increased risk of recording significant inventory write-offs and other charges related to Comirnaty.

On Monday, October 16, 2023, during pre-market hours, BioNTech issued a press release announcing 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, which represents BioNTech’s half under the gross profit-sharing agreement with Pfizer.  BioNTech also disclosed that “[a]ny such write-offs will reduce the revenues the Company would report for 2023.”  According to BioNTech, Pfizer informed the Company “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.”

On this news, BioNTech’s American Depositary Share (“ADS”) price fell $6.61 per ADS, or 6.38%, to close at $96.97 per ADS on October 16, 2023.

If you wish to serve as lead plaintiff, you must move the Court no later than March 12, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com