CDMO - Avid Bioservices (CDMO) Tanks 30% After Disclosing Possible Accounting Restatements Due to $146 Million Acceleration Notice – Hagens Berman | Benzinga

SAN FRANCISCO, March 11, 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:

"The investigation centers on Avid Bioservices' failure to timely remove the restrictive legend on certain of its unregistered notes and the propriety of continuing to report the notes as long term liabilities," said Reed Kathrein, the Hagens Berman partner leading the investigation.

In Mar. 2021, Avid privately placed $143.8 million of 1.250% exchangeable senior notes due 2026 ("2026 Notes") with qualified institutional investors. 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 March 17, 2022. Avid has continually reported the 2026 Notes on its balance sheet as long-term liabilities.

Recently, on Mar. 6, 2024, Avid disclosed ...

CDMO) Tanks 30% After Disclosing Possible Accounting Restatements Due to $146 Million Acceleration Notice – Hagens Berman>Full story available on Benzinga.com