CDMO - Avid Bioservices (CDMO) Falls Further After Disclosing Intent to Restate Financial Statements Due to Misclassification of $146 Million of 2026 Notes as Long-Term Liabilities – Hagens Berman | Benzinga
SAN FRANCISCO, March 14, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Avid Bioservices, Inc. (NASDAQ:CDMO) investors who suffered substantial losses to submit your losses now.
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Avid Bioservices, Inc. (CDMO) Investigation:
Avid shares fell on Mar. 12, 2024 after the CDMO announced the need to restate its financial performance over several quarters in 2022 and 2023. The company blamed the misreporting on its misclassification of certain notes as long term liabilities and its failures to record additional interest expenses payable to note holders.
The debt in question are $143.8 million of 1.250% exchangeable senior notes due 2026 ("2026 Notes") that Avid privately placed with qualified institutional investors in Mar. 2021. The 2026 Notes bore a restrictive legend, essentially preventing purchasers from reselling them in the public marketplace unless the sale is exempt from the SEC's registration requirements. In addition, the indenture governing the 2026 Notes required Avid to remove the legend by Mar. 17, ...
CDMO) Falls Further After Disclosing Intent to Restate Financial Statements Due to Misclassification of $146 Million of 2026 Notes as Long-Term Liabilities – Hagens Berman>Full story available on Benzinga.com