Vaxart, Inc. (VXRT)
Class Action & Lead Plaintiff Deadline: October 23, 2020
Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Vaxart, Inc. ("Vaxart " or the "Company") (NASDAQ: VXRT) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Vaxart securities between June 25, 2020 and July 25, 2020, both dates inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements regarding its vaccine candidate.
During spring of 2020, Vaxart began developing a COVID-19 vaccine candidate. At the time, Vaxart was trading around $3.00 per share. On June 26, 2020, Vaxart announced that it had been selected for Operation Warp Speed, the federal initiative to develop a drug for the coronavirus. Following this announcement, Vaxart stock prices during intraday trading soared over $17.00 per share.
Then on July 25, 2020, the New York Times published an article entitled "Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine,” revealing that Vaxart's vaccine candidate was included in a trial on primates that a federal agency was organizing in conjunction with Operation Warp Speed. However, the Company was not selected to receive significant financial support from Operation Warp Speed. This article also quoted Michael R. Caputo, the U.S. Department of Health and Human Services' assistant secretary for public affairs, saying that the Department "has entered into funding agreements with certain vaccine manufacturers, and we are negotiating with others. Neither is the case with Vaxart." The article continued so say that "[s]ome officials at the [DHHS] have grown concerned about whether companies including Vaxart are trying to inflate their stock prices by exaggerating their roles in Warp Speed . . . . The [DHHS] has relayed those concerns to the" SEC. The New York Times article also alleged that hedge fund Armistice Capital, Vaxart's largest shareholder, acquired newly amended warrants to buy 21 million Vaxart shares and then immediately sold them, profiting $197 million. Folliwing this news, Vaxart shares have traded as low as $9.16 per share on July 27, 2020.
A class action lawsuit has already been filed. You can review a copy of the Complaint and sign the certification form or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Vaxart you have until October 23, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.