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VAXART, INC. CLASS ACTION ALERT: WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP REMINDS INVESTORS THAT A SECURITIES CLASS ACTION LAWSUIT HAS BEEN FILED ON BEHALF OF SHAREHOLDERS OF VAXART, INC. IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA

·3 mins read

LEAD PLAINTIFF DEADLINE IS OCTOBER 23, 2020

NEW YORK, Oct. 5, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal class action securities lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased Vaxart, Inc. (NASDAQ: VXRT) securities between June 25, 2020 and July 25, 2020 (the "Class Period").

(PRNewsfoto/Wolf Haldenstein Adler Freeman )
(PRNewsfoto/Wolf Haldenstein Adler Freeman )

All investors who purchased shares of Vaxart, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in the shares of Vaxart, Inc., you may, no later than October 23, 2020, request that the Court appoint you lead plaintiff of the proposed class.

CLICK HERE TO JOIN THIS CASE

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.

The filed Complaint alleges that on June 26, 2020, Vaxart issued a press release entitled, "Vaxart's COVID-19 Vaccine Selected for the U.S. Government's Operation Warp Speed," falsely claiming its vaccine had been selected to participate in a non-human challenge study, organized and funded by OWS. This announcement sent the price of Vaxart shares sharply higher.

In furtherance of the scheme, Defendants amended controlling shareholder Armistice's existing warrant agreements, allowing Armistice to exercise all of its warrants immediately and sell 27.6 million Vaxart shares, reaping profits of approximately $200 million. Defendants also issued millions of dollars in favorable stock options to Vaxart's most senior executives.

On July 25, 2020, details emerged revealing defendants' deception concerning their alleged pump and dump scheme. In particular, on July 25, 2020, The New York Times published an article entitled, "Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine," covering 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, and it clarified "Vaxart is not among the companies selected to receive significant financial support from Warp Speed."

On this news, the price of Vaxart shares declined significantly on July 27, 2020 from $12.29 per share to $11.16 per share.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Cision
Cision

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP