WILMINGTON, Del., Aug. 26, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Vaxart, Inc. (“Vaxart” or the “Company”) (NASDAQ CM: VXRT) between June 25, 2020 and July 25, 2020, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Vaxart during the Class Period, or purchased shares prior to the Class Period and still hold Vaxart, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 210, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/cases-vaxart-inc.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on June 25, 2020, Vaxart announced that it had entered into a Memorandum of Understanding with Attwill Medical Solutions Sterilflow, LP to enable production of a billion or more tablet COVID-19 vaccine does annually. In the press release, Vaxart’s Chief Executive Officer, Defendant Cezar Andrei Floroiu claimed the deal would “enable the large scale manufacturing and ultimate supply of our COVID-19 vaccine for the US, Europe and other countries in need.” The announcement was favorably received, with Vaxart’s stock price nearly doubling from opening at $3.61 per share to closing at $6.26 on June 25, 2020.
The next day, on June 26, 2020, Vaxart issued a second press release entitled “Vaxart’s COVID-19 Vaccine Selected for the U.S. Government’s Operation Warp Speed,” claiming its vaccine has 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. In the press release, Vaxart’s Chief Executive Officer, Defendant Cezar Andrei Floroiu said, “We are very pleased to be one of the few companies selected by Operation Warp Speed, and that ours is the only oral vaccine being evaluated.” Cezar Andrei Floroiu added, “[O]ur vaccine is a room temperature-stable tablet, an enormous logistical advantage in large vaccination campaigns.” As a result, the stock price jumped from $6.26 to $8.04 after opening at $11.49 with a high of $14.30.
But on July 25, 2020, details emerged revealing Defendants’ deception concerning their 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, shares of Vaxart fell over 9%, closing at $11.16 per share on July 26, 2020, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 23, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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CONTACT:
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Timothy J. MacFall
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com