According to the Complaint, Bioventus Inc. is a medical device company that focuses on developing and commercializing clinical treatments to engage and enhance the body's natural healing process. The Company offers pain treatments, peripheral nerve stimulation products, surgical solutions, ultrasonic medical devices, and restorative therapies. Bioventus serves physicians in various orthopedic settings.

On January 20, 2021, Bioventus filed the Registration Statement on Form S-l with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on February 10,2021. On or about February 11,2021, pursuant to the Registration Statement, Bioventus conducted the lPO, issuing 8 million shares of its Class A common stock to the public at the Offering price of $13.00 per share. On February 12, 2021, Bioventus filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Bioventus suffered from significant liquidity issues; (ii) the Company's rebate practices were unsustainable; (iii) accordingly, Defendants overstated the Company's business and financial prospects; (iv) Bioventus maintained deficient disclosure controls and procedures and internal control over financial reporting with respect to the timely recognition of quarterly rebates; (v) all the foregoing increased the risk that the Company would be forced to recognize a significant non-cash impairment charge, could not timely file one or more of its financial reports, would have to amend one or more of its financial statements, and could not meet its financial obligations as they came due; and (vi) as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

On April 14, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 12. Lead Plaintiff filed a second amended Complaint on July 31. Defendants filed a Motion to Dismiss the second amended Complaint on August 21. On November 6, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On July 12, 2024, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on August 13.