According to the Complaint, Novavax, Inc. is a biotechnology company that 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.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Complaint alleges 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 Emergency Use Authorization ("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.

On January 26, 2022, the Court approved the stipulated Co-Lead Plaintiffs and Co-Lead Counsel in this action. Lead Plaintiffs filed a consolidated amended Complaint on March 11. Defendants filed a Motion to Dismiss the consolidated amended Complaint on April 25. On December 12, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On January 12, 2024, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on January 23. On May 24, 2024, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On June 3, 2025, the Court issued an Order authorizing distribution of the net Settlement fund.