BioNTech Faces Multiple Class Action Lawsuits Over Misleading Statements and Financial Mismanagement

Investors seek damages for alleged false statements and inventory write-offs related to COVID-19 vaccine Comirnaty.

Pomerantz and Bragar Eagel & Squire law firms have filed class action lawsuits against BioNTech, alleging misleading statements and financial mismanagement.
The lawsuits cover a class period from March 30, 2022, to October 13, 2023, and accuse BioNTech of overstating demand for its COVID-19 vaccine, Comirnaty.
BioNTech and Pfizer reportedly accumulated excess inventory of raw materials and vaccine doses, leading to significant inventory write-offs.
Investors were misled about the commercial prospects of Comirnaty, resulting in financial losses and damages.
BioNTech's share prices fell significantly following announcements related to inventory write-offs and lower-than-expected vaccine revenues.