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Case Status:    ONGOING    
On or around 09/18/2020 (Date of last review)

Filing Date: August 24, 2020

According to the Complaint, Vaxart, Inc. 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 Complaint arises from Defendants’ alleged fraudulent scheme to profit from artificially inflating the Company’s stock price by announcing false and misleading information concerning Vaxart’s oral COVID-19 vaccine candidate. Specifically, the 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.

The Complaint alleges 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.” The Complaint alleges that In ignorance of the adverse facts concerning Vaxart’s business and financial condition which were concealed by Defendants, Plaintiff and the other members of the Class purchased or otherwise acquired Vaxart securities at artificially inflated prices and relied upon the price of the securities, the integrity of the market for the securities and/or upon statements disseminated by Defendants, and were damaged thereby.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VXRT
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 20-CV-05949
JUDGE: Hon. Vince Chhabria
DATE FILED: 08/24/2020
CLASS PERIOD START: 06/25/2020
CLASS PERIOD END: 07/25/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (Berkeley)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available