BioNTech (BNTX) COVID-19 Vaccine Demand Case

The case has been dismissed, typically without any further action.

S.D. New York

Court

1:24-cv-05310

Case number

03/30/2022

Class period Start

10/13/2023

Class period End

03/12/2024

Lead Plaintiff motion deadline

$BNTX stockholder filed a claim vs. BioNTech for overstating demand and prospects for their COVID-19 vaccine and having excess inventory.
The BioNTech disappointing financial results caused $BNTX 7% fall, and $3.28B shareholder value loss.
On August 8, 2022, BioNTech announced lower earnings and revenue than expected. This resulted in a more than 7% $BNTX drop.
The earnings-per-share were €6.45, missing estimates by €0.63, and revenue was €3.2B, missing estimates by €910M.
Then, on March 27, 2023, BioNTech shared financial results for 2022, predicting about €5B from COVID-19 vaccines in 2023 — much less than the expected €8B. This caused $BNTX to fall by almost 4%.

After that, BioNTech announced potential charges of up to €0.9B due to issues with Pfizer's Comirnaty. The news also led to a more than 6% drop in $BNTX.

Based on these events, $BNTX stockholder filed a claim against BioNTech and its leaders:
BioNTech supposedly said that its Comirnaty had more demand and better commercial prospects than it actually did. 
BioNTech and Pfizer allegedly had extra materials and COVID-19 doses for other variants, risking significant financial losses for BioNTech.
Considering all the representations, investors have reasons to suspect that BioNTech misled them by overstating prospects for Comirnaty and that with excess inventory, BioNTech faced a risk of financial losses.

Case Type

US Securities Class Action

Case Status

Dismissed

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

08/08/2022

Filing date

01/12/2024

Lead Plaintiff Deadline

03/12/2024

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