SAN FRANCISCO, October 17, 2020 (GLOBE NEWSWIRE) – Hagens Berman announces that it has filed a class action lawsuit against Vaxart, Inc. (NASDAQ: VXRT) and some of its senior executives and investor updates. The company urges VXRT investors who have suffered losses to submit their losses now to find out if they are eligible to recover their investment losses. There are only six days left before the October 23, 2020 lead plaintiff’s delay in a securities fraud class action that has been filed against the company and senior executives.
Class Period: June 25, 2020 – July 25, 2020
Lead Applicant Deadline: October 23, 2020
Contact a lawyer now: [email protected]
Hagens Bermans VXRT Class action in securities:
The class action lawsuit, filed in United States District Court for the Northern District of California and captioned Himmelberg v. Vaxart, Inc., et al., Case # 3: 20-cv-05949-VC, is presented on behalf of all investors who have purchased or otherwise acquired VXRT securities during the Class Period between June 25, 2020 and July 25, 2020 inclusive. The case seeks to recover damages caused by defendants’ breaches of federal securities laws and to pursue remedies under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the ” Exchange Act ”) and rule 10b-5 promulgated thereunder, against the company and certain of its senior officials.
If you are a shareholder who purchased VXRT shares during the recourse period, you have until Oct. 23, 2020, to ask the Court to appoint you as the lead class plaintiff. A copy of the complaint can be obtained here. Click here to discuss your legal rights with Hagens Berman.
Vaxart is a clinical-stage company purportedly engaged in the discovery and development of vaccines for a variety of diseases which would be administered orally rather than by injection.
The class action lawsuit arises out of the defendants ‘alleged fraudulent scheme to profit from the artificial inflation of the company’s stock price by reporting false and misleading information regarding Vaxarts’ oral COVID-19 vaccine candidate.
Specifically, the complaint alleges that on June 26, 2020, Vaxart issued a press release titled Vaxarts COVID-19 Vaccine Selected for the US Government Operation Warp Speed, incorrectly claiming that its vaccine was selected to participate in a provocation study. non-human, organized and funded by OWS. This announcement caused the price of Vaxart’s shares to rise.
In pursuing the scheme, the defendants amended the existing warrant agreements of majority shareholder Armistices, allowing Armistice to immediately exercise all of its warrants and sell 27.6 million Vaxart shares, reaping profits of about $ 200 million. The defendants also issued millions of dollars in stock options favorable to most of Vaxarts’ senior executives.
The complaint alleges that on July 25, 2020, details emerged revealing the defendants’ deception regarding their alleged pumping and dumping project. In particular, on July 25, 2020, The New York Times published an article titled, Corporate Insiders Pocket $ 1 Billion in Rush for Coronavirus Vaccine, covering suspicious stock market bets that had generated significant profits for senior executives and board members of companies developing vaccines and treatments. Vaxart featured prominently in the article, and he clarified that Vaxart is not among the companies selected to receive significant financial support from Warp Speed. In response to this news, the price of Vaxart shares fell sharply on July 27, 2020, from $ 12.29 to $ 11.16.
Most recently, October 14, 2020, Vaxart revealed it received a grand jury summons in July 2020 in connection with the United States Office of Lawyers ‘investigation into Vaxarts’ disclosures of its participation in Operation Warp Speed, option grants, warrant transactions and other corporate matters and funding.
More, Vaxart revealed the SEC is investigating the same questions.
This news caused the price of Vaxart’s shares to drop.
Focused on investor losses and proved that Vaxart misled investors about OWS ‘potential financial support for the company, said Reed Kathrein, Hagens Berman’s partner leading the investigation.
Whistleblowers: People with non-public information regarding Vaxart should consider their options to assist with the investigation or take advantage of the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30% of any successful collections made by the SEC. For more information call Reed Kathrein at 844–916–0895 or send an email to [email protected]
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty lawyers. The firm represents investors, whistleblowers, workers and consumers in complex litigation. To learn more about the company and its successes, visit hbsslaw.com. For the latest news, visit our writing or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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