Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Avid Bioservices, Inc. (“Avid” or the “Company”) (NASDAQ: CDMO).
About the Investigation
On March 6, 2024, after the market close, Avid filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that on February 29, 2024, the Company “received an acceleration notice … from a holder of its 1.250% Exchangeable Senior Notes due 2026 (the ‘2026 Notes’)” and that there was “an event of default under the 2026 Notes Indenture.”
The Company states that it is “currently evaluating whether certain of the financial statements included in the Company’s Quarterly Reports on Form 10-Q for the quarterly fiscal periods ended October 31, 2022, January 31, 2023, July 31, 2023 and October 31, 2023, and in its Annual Report on Form 10-K for the fiscal year ended April 30, 2023 (collectively, the ‘Relevant Reports’) should no longer be relied upon as a result of: the classification of the 2026 Notes as long-term liabilities on the applicable balance sheets within the Relevant Reports following the Event of Default; and the failure to reflect the Additional Interest in such financial statements (which Additional Interest, in the aggregate, is approximately $1.4 million through February 29, 2024).”
Contact
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About Berman Tabacco
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Contact:
Berman Tabacco
Jay Eng, Esq.
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Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com