Vaxart, Inc. (VXRT)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Vaxart, Inc. ("Vaxart " or the "Company") (NASDAQ: VXRT). The investigation concerns whether Vaxart and certain of its officers and/or directors have violated federal securities laws.
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.
If you are aware of any facts relating to this investigation, or purchased Vaxart shares, you can assist this investigation by contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
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.