BLUEBIRD BIO, INC. NEW YORK, March 27, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of bluebird bio, Inc. ("bluebird" or the "Company") (NASDAQ: BLUE). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether bluebird and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 26, 2024, bluebird disclosed in a filing with the U.S. Securities and Exchange Commission that its "previously-issued audited consolidated financial statements for each fiscal year beginning January 1, 2019", as well as associated quarterly financial statements and communications, "were materially misstated and, accordingly, should no longer be relied upon." As a result, the Company advised that it "intends to restate its consolidated financial statements as of and for the year ended December 31, 2022" and "will include restated unaudited financial information for each of the first three quarters of 2023 and 2022 in its 2023 Form 10-K (each such annual and quarterly period to be restated, a 'Restated Period')."
In particular, the Company disclosed that, although its "accounting policy required that lease and non-lease components in agreements with contract manufacturing organizations that are accounted for as leases be combined", the Company had "determined that it did not consistently combine such components, resulting in an estimated understatement of lease assets and lease liabilities between $100 million and $200 million in the annual Restated Period and an estimated understatement of lease assets and lease liabilities between $30 million and $125 million in each of the quarterly Restated Periods." Accordingly, the Company disclosed that it "expects to record an increase in non-cash interest expense in each Restated Period", that it had identified a material weakness in its internal control over financial reporting, and that it could not timely file its annual report for the year ended December 31, 2023.
On this news, bluebird's stock price fell $0.16 per share, or 11.76%, to close at $1.20 per share on March 26, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
