SAN DIEGO, Jan. 05, 2023 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP is investigating
G-III Apparel Group Ltd.
(NASDAQ: GIII),
Bioventus Inc.
(NASDAQ: BVS),
Beyond Meat Inc.
(NASDAQ: BYND),
Invivyd, Inc.
(“Invivyd ” or the “Company”) (NASDAQ: IVVD) (Formerly named Adagio) any of its executive officers, or others violated securities laws by misrepresenting or failing to timely disclose material, adverse information to investors. The investigation focuses on investors’ losses and whether they may be recovered under federal securities laws. Additional information can be found by following the links below.
There is no cost or obligation to you.
What actions may I take at this time?
If you purchased common stock and suffered significant losses on your investment, join our investigation now:
G-III Apparel Group Ltd:
On December 1, 2022, G-III announced third-quarter operating results. Morris Goldfarb, G-III’s Chairman, and CEO stated that “higher inventory levels are due to our accelerated production calendar, which was in anticipation of longer supply chain lead times. Our inventory is comprised of current purchases and guided by our order book. During the quarter, the higher inventory levels caused logistical challenges within our distribution centers. This resulted in significant one-time charges in the third quarter, that were above our expectations, which adversely impacted our bottom line by approximately $0.40 per diluted share”.
Bioventus Inc:
On February 11, 2021, Bioventus conducted its initial public offering (“IPO”), selling 8 million shares priced at $13.00 per share.
Then, on November 16, 2022, Bioventus issued a press release announcing that it could not timely file its quarterly report for the period ended October 1, 2022, because it “requires additional time to complete a review . . . to assess whether a non-cash impairment charge is required for the third quarter of 2022”, which a preliminary review indicated to be “in the range of $185 million to $205 million.” Bioventus further stated that it “is seeking resolution related to the validity of a revised invoice” regarding “rebate claims [that it received] from a large private payer in relation to our Pain Treatments vertical, which likely will adversely affect the Company’s previously announced third quarter 2022 financial results.” As a result, Bioventus stated that “its internal controls related to the timely recognition of quarterly rebates were inadequate” and is “evaluating whether the Company will be able to meet all of its financial obligations as they come due within one year after the date its financial statements for the period ended October 1, 2022, are issued.” Since the IPO the stock has plummeted, on January 4, 2023, the stock closed trading at $2.71.
Beyond Meat Inc:
On Oct. 13, 2022, Beyond Meat announced it was cutting 19% of the workforce, including its COO, who allegedly bit someone’s nose outside of a football game last month. Additionally, the Company stated that on October 10, 2022, Philip E. Hardin notified the Company that he is stepping down as the Company’s Chief Financial Officer and Treasurer effective October 12, 2022.
Invivyd Inc:
On or around August 10, 2021, Adagio/Invivyd conducted its initial public offering (“IPO”), and the company sold 20.9 million shares for $17.00. Since the IPO the stock has plummeted and on January 4, 2023, Invivyd stock closed at $1.61.
Specifically, Johnson Fistel’s investigation seeks to determine whether the Company’s filings with the U.S. Securities and Exchange Commission in connection with its August 2021 IPO and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company’s business, and operations.
Or for more information, contact Jim Baker at
[email protected]
or (619) 814-4471
Contact:
Johnson Fistel, LLP
Jim Baker, Lead Securities Analyst
Telephone: (619) 814-4471
Email:
[email protected]
