Vaxart, Inc. Class Action Lawsuit

Case Summary

Company Name
Vaxart, Inc.
Stock Symbol
Class Period
June 25, 2020 to July 25, 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.

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.

Class Period: June 25, 2020 - July 25, 2020
Main Menu