STEVENSON, Md., June 06, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of purchasers of MabVax Therapeutics Holdings, Inc. (Nasdaq:MBVX) (“MabVax” or the “Company”) securities during the period between March 14, 2016 and May 18, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until August 3, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in MabVax securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that MabVax’s internal controls over financial reporting were materially weak and deficient, it had incorrectly calculated and reported beneficial ownership of MabVax shares, and it permitted improper influence or control over MabVax, and/or MabVax’s officers and directors by certain shareholders.
According to the complaint, following a January 30, 2018 announcement that MabVax received notice that the Securities and Exchange Commission (“SEC”) was conducting an investigation relating to certain of the Company’s registration statements (and amendments thereto), and a May 21, 2018, announcement that the Company believes the SEC is investigating potential violations of the federal securities laws by the Company and its officers, directors and others, and that prior annual and interim period financial statements for the years 2014, 2015, 2016 and 2017, and its registration statements filed during the years 2014, 2015, 2016, 2017 and to date for 2018 with respect to the number of shares of common stock outstanding and the weighted average number of shares used in calculating earnings per share and related per share figures should not be relied upon, the value of MabVax declined significantly.
If you have suffered a loss in excess of $100,000 from investment in MabVax securities purchased on or after March 14, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.