BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Avid Bioservices, Inc. (“Avid” or the “Company”) (NASDAQ: CDMO) investors concerning the Company’s possible violations of federal securities laws.
On March 6, 2024, Avid disclosed that it had received an acceleration notice from a holder of its 1.250% Exchangeable Senior Notes due 2026. The holder further claimed that the accelerated amount, inclusive of principal and interest due and payable, as of February 29, 2024, the date of acceleration, was approximately $146.0 million and accrues interest at 2.75% per annum until paid in full. The Company also disclosed that it may be unable to timely file its first quarter 2024 financial results.
On this news, Avid’s stock price fell $2.69, or 30.6%, to close at $6.10 per share on March 7, 2024, thereby injuring investors.
If you purchased Avid securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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