Bronstein, Goertz & Grossman LLC

Bronstein, Goertz & Grossman LLC

NEW YORK, Feb. 12, 2024 (GLOBE NEWSWIRE) — Lawyer Announcement – Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against BioNTech SE (“BioNTech” or the “Company”). (NASDAQ: BNTX) and certain of its officers.

Category definition:

This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired BioNTech securities between March 30, 2022 and October 13, 2023, inclusive (the “Class Period “). These investors are encouraged to join this cause by visiting the company’s website: bgandg.com/BNTX.

Case details:

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 the cooperation agreement between BioNTech and Pfizer, the two companies share gross profits from sales of COVID-19 vaccines in their territories. Additionally, Pfizer’s inventory write-downs of COVID-19 products reduce BioNTech’s overall profit share, thereby reducing BioNTech’s vaccine revenue.

Over the course of the semester, as the number of COVID-19 cases began to decline, one variant of the virus, the Omicron XBB.1.5 subvariant, began to increasingly represent the majority of reported cases. Although there is no version of Comirnaty approved by the U.S. Food and Drug Administration (“FDA”) to treat this subvariant, BioNTech represented to the market and investors during the class period that Comirnaty remained relevant and in demand.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and future prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) BioNTech overstated Comirnaty’s demand for and/or commercial prospects; (2) the Company and/or Pfizer have accumulated excess inventory of raw materials for Comirnaty, as well as COVID-19 vaccine doses adapted to variants other than XBB.1.5 that have been produced at risk; (3) accordingly, BioNTech was at increased risk of recording significant inventory write-downs and other charges related to Comirnaty; and (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

What then?

A class action lawsuit has already been filed. If you would like to review a copy of the complaint, you may visit the firm’s website: bgandg.com/BNTX or you may contact Peretz Bronstein, Esq. Or our law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffer a loss in BioNTech, you have until March 12, 2024, to ask the court to appoint you as lead plaintiff. Your ability to participate in any recovery does not require that you serve as lead plaintiff.

There is no cost to you

We represent investors in class actions on a contingency fee basis. This means that we will ask the court to reimburse us for out-of-pocket expenses and attorney fees, usually a percentage of the total recovery, only if we are successful.

Why Bronstein, Goertz and Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud and shareholder derivative litigation. Our firm has recovered hundreds of millions of dollars for investors nationwide.

Lawyer advertisement. Previous results do not guarantee similar results.

communication:

Bronstein, Goertz & Grossman, LLC

Peretz Bronstein or Yael Nathanson

332-239-2660 | info@bgandg.com

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