NEW YORK, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of BioNTech SE (“BioNTech” or the “Company”) (NASDAQ: BNTX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether BioNTech and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 16, 2023, BioNTech issued a press release regarding Pfizer Inc. (“Pfizer”), a collaboration partner of BioNTech, “announc[ing] a non-cash charge for inventory write-offs and other charges related to COMIRNATY of $0.9 billion. The Company has been informed by Pfizer 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.” Accordingly, “BioNTech is evaluating the potential impact of Pfizer’s write-offs and other charges related to COMIRNATY on the Company’s financial results. BioNTech’s current expectation is that the Company is likely to recognize the effect of Pfizer’s inventory write-offs and other charges related to COMIRNATY in the third quarter of 2023 up to €0.9 billion, which represents BioNTech’s half under the gross profit-sharing agreement with Pfizer. Any such write-offs will reduce the revenues the Company would report for 2023. BioNTech expects to release its financial report for the third quarter of 2023 on November 6, 2023.”
On this news, BioNTech’s stock price fell $6.61 per share, or 6.38%, to close at $96.97 per share on October 16, 2023.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
