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BioNTech SE

Company NameBioNTech SE
Stock SymbolBNTX
Class PeriodMarch 30, 2022 to October 13, 2023
Lead Plaintiff Motion DeadlineMarch 12, 2024

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, BioNTech’s stock price fell $13.81, or 7.5%, to close at $169.30 per share on August 8, 2022, thereby injuring investors.

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, BioNTech’s stock price fell $4.60, or 3.6%, to close at $123.60 per share on March 27, 2023.

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, BioNTech’s stock price fell $6.61, or 6.4%, to close at $96.97 per share on October 16, 2023.

Then, on November 16, 2023, BioNTech released its third quarter 2023 financial results, confirming that “[i]nventory write-downs by BioNTech’s collaboration partner Pfizer . . . [in connection with Comirnaty] reduced BioNTech’s revenues by €507.9 million and €615.4 million for the three and nine months ended September 30, 2023, respectively.”

The complaint filed in this class action alleges that 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 to investors that: (1) BioNTech overstated demand for Comirnaty and/or its commercial prospects; (2) 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; (3) accordingly, BioNTech was at an increased risk of recording significant inventory write-offs and other charges related to Comirnaty; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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