BioNTech SE (NASDAQ: BNTX)

This lawsuit is for anyone who acquired securities in BioNTech SE (NASDAQ: BNTX) from March 30, 2022 through October 13, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by overstating the demand for the Company’s COVID-19 vaccine, Comirnaty, considering that the Company knew that the vaccine was not approved for the dominant COVID variant at the time that the Company was issuing guidance.

On August 8, 2022, BioNTech released its second quarter 2022 financial results, missing consensus estimates, which the Company attributed to the “dynamic” development of the pandemic, which the Company claimed caused a “re-phasing of orders” and led to fluctuations in quarterly revenues. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on March 27, 2023, BioNTech released its fourth quarter and full year 2022 financial results, forecasting approximately €5 billion in COVID-19 vaccine revenues for 2023, significantly below estimates of over €8 billion. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on October 13, 2023, after the market had closed, Pfizer announced that, “due to lower-than-expected utilization for [its] COVID products,” the Company had recorded a non-cash charge of $5.5 billion related to inventory write-offs and other charges. The following trading day, October 16, 2023, BioNTech disclosed that it, too, would likely recognize up to €0.9 billion in inventory write-offs in the third quarter of 2023, and that “[a]ny such write-offs will reduce the revenues the Company would report for 2023.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in BioNTech SE (NASDAQ: BNTX) from March 30, 2022 through October 13, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.