A lawsuit is pending for certain investors in Vaxart, Inc. (NASDAQ:VXRT) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 10/12/2021 -- An update was announced in the lawsuit that was filed for certain investors in shares of Vaxart, Inc. (NASDAQ: VXRT).
Investors who purchased shares of Vaxart, Inc. (NASDAQ: VXRT) prior to June 15, 2020 and continue to hold any of those shares, have also certain options. Those NASDAQ: VXRT investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On August 24, 2020, a lawsuit was filed against Vaxart, Inc. over alleged securities laws violations. The plaintiff claimed that on June 26, 2020, Vaxart, Inc. 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 rocketing higher.
The plaintiff alleges that 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.
The plaintiff claims that 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." In response to this news, the price of Vaxart shares dropped sharply lower on July 27, 2020 from $12.29 to $11.16.
On January 29, 2021, a consolidated amended complaint was filed and on March 12, 2021, the defendants filed a Motion to Dismiss the consolidated amended Complaint.
On May 13,2021, the Court granted leave to amend the Complaint. And on June 10, 2021, an amended consolidated Complaint.
On August 9, 2021, an amended consolidated complaint was filed.
Those who purchased shares of Vaxart, Inc. (NASDAQ: VXRT) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.