Vaxart, Inc. Class Action Lawsuit
- Company Name
- Vaxart, Inc.
- Stock Symbol
- Class Period
- June 25, 2020 to July 25, 2020
- Motion Deadline
- October 23, 2020
- Northern District of California
The Vaxart, Inc. class action lawsuit charges Vaxart, certain of its officers and a major shareholder of the Company with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Vaxart securities between June 25, 2020 to July 25, 2020, inclusive (the “Class Period”). The Vaxart class action lawsuit was commenced on August 24, 2020 in the Northern District of California and is captioned Himmelberg v. Vaxart, Inc., No. 20-cv-05949.
Vaxart is a clinical-stage company purportedly engaged in the discovery and development of vaccines for a variety of diseases that would be administered orally, rather than by injection. In early 2020, Vaxart began working on a vaccine for COVID-19. Throughout 2020, Vaxart periodically announced positive news regarding these efforts.
The Vaxart class action lawsuit alleges that defendants orchestrated a fraudulent scheme to profit from artificially inflating Vaxart’s stock price by announcing false and misleading information concerning Vaxart’s oral COVID-19 vaccine candidate, including Vaxart’s purported involvement in “Operation Warp Speed,” a program that commits the federal government to massive funding for the development of COVID-19 vaccines.
On July 25, 2020, The New York Times published an article, entitled “Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine,” reporting on suspiciously timed stock bets that had generated significant profits for senior executives and board members at companies developing vaccines and treatments. Vaxart was featured prominently in the article, which clarified that “Vaxart is not among the companies selected to receive significant financial support from Warp Speed.” On this news, the price of Vaxart shares dropped sharply from $12.29 per share to $11.16 per share on July 27, 2020.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Vaxart securities during the Class Period to seek appointment as lead plaintiff in the Vaxart class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the Vaxart class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Vaxart class action lawsuit. An investor’s ability to share in any potential future recovery of the Vaxart class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Vaxart class action lawsuit or have questions concerning your rights regarding the Vaxart class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the Vaxart class action lawsuit must be filed with the court no later than October 23, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.