New York, New York--(Newsfile Corp. - August 25, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Vaxart, Inc. ("Vaxart" or the "Company") (NASDAQ: VXRT) of the October 23, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Vaxart stock or options between June 25, 2020 and July 25, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/VXRT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Vaxart securities between June 25, 2020 and July 25, 2020 (the "Class Period"). The case, Himmelberg v. Vaxart, Inc. et al, No. 20-cv-05949 was filed on August 24, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by exaggerating the prospects of its COVID-19 vaccine candidate, including its purported role or involvement in Operation Warp Speed ("OWS"). Contrary to the Defendants' statements, Vaxart's COVID-19 vaccine candidate had no reasonable prospect for mass production and marketing and was not among the companies selected to receive significant financial support from OWS to produce hundreds of millions of vaccine doses. Instead, Vaxart's COVID-19 vaccine candidate was merely selected to participate in preliminary U.S. government studies to determine potential areas for possible OWS partnership and support. At the time of making the statements, those studies were ongoing, and no determination had been made.
Specifically, on July 25, 2020, the New York Times published an article titled "Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine" that revealed the misleading nature of Defendants' statements. In fact, Vaxart was not one of the companies selected to receive financial support from Operation Warp Speed to produce hundreds of millions of vaccine doses. The company had never developed a vaccine, and its main funder profited by over $200 million through undisclosed stock options granted just prior to the announcement.
On this news, Vaxart's stock fell from a closing price of $12.29 per share on July 24, 2020 to $11.16 per share on July 27, 2020-a $1.13 or 9.19% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Vaxart's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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