Novavax, Inc. (NASDAQ:NVAX) Shareholder Notice: Lawsuit Alleges False and Misleading Statements
A lawsuit was filed on behalf of investors in Novavax, Inc. (NASDAQ:NVAX) shares over alleged securities laws violations.
San Diego, CA -- (SBWire) -- 12/06/2021 --An investor, who purchased shares of Novavax, Inc. (NASDAQ: NVAX), filed a lawsuit over alleged violations of Federal Securities Laws by Novavax, Inc..
Investors who purchased shares of Novavax, Inc. (NASDAQ: NVAX) have certain options and for certain investors are short and strict deadlines running. Deadline: January 11, 2022. NASDAQ: NVAX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Gaithersburg, MD based Novavax, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases and address health needs. The Company's product candidates include, among others, NVX-CoV2373, which is in development as a vaccine for COVID-19. Prior to the start of the Class Period, Novavax announced that it planned to complete Emergency Use Authorization ("EUA") submissions for NVX-CoV2373 with the U.S. Food and Drug Administration in the second quarter of 2021.
On May 10, 2021, The Washington Post reported that Novavax's EUA "filing was delayed by manufacturing regulatory issues, until June at the earliest, according to four people who had recently been briefed on the [C]ompany's plans." Later that day, during after-market hours, on a call that Novavax hosted with investors and analysts to discuss the Company's first quarter 2021 financial and operational results (the "1Q21 Investor Call"), Novavax confirmed that it was unlikely to seek an EUA for NVX-CoV2373 in the U.S. until July 2021 at the earliest—i.e., the third quarter of 2021.
Then, on August 5, 2021, Novavax reported its financial results and operational highlights for the second quarter of 2021. Among other news, Novavax reported that it expected to file for NVX-CoV2373's EUA in the fourth quarter of 2021, rather than the third quarter of 2021.
On October 19, 2021, Politico published an article entitled "'They rushed the process': Vaccine maker's woes hamper global inoculation campaign." The Politico article reported, in relevant part, that Novavax "faces significant hurdles in proving it can manufacture a shot that meets regulators' quality standards" with respect to Covid-19 vaccination. The Politico article cited anonymous sources as stating that Novavax's "issues are more concerning than previously understood" and that the Company could take until the end of 2022 to resolve its manufacturing issues and win regulatory authorizations and approvals.
Shares of Novavax, Inc. (NASDAQ: NVAX) declined from $174.64 per share on October 15, 2021, to $121.35 per share on October 20, 2021.
The plaintiff claims that between March 2, 2021 and October 19, 2021, the Defendants made false and/or misleading statements and/or failed to disclose that: (i) Novavax overstated its manufacturing capabilities and downplayed manufacturing issues that would impact its approval timeline for NVX-CoV2373; (ii) as a result, Novavax was unlikely to meet its anticipated EUA regulatory timelines for NVX-CoV2373; (iii) accordingly, the Company overstated the regulatory and commercial prospects for NVX-CoV2373; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Novavax, Inc. (NASDAQ: NVAX) 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.
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