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SAN FRANCISCO, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Novavax, Inc. (NASDAQ: NVAX) investors with significant losses to submit your losses now.
Novavax, Inc. (NVAX) Securities Fraud Class Action:
The lawsuit alleges that Defendants misrepresented Novavax’s progress toward successfully developing its COVID-19 vaccine (NVX-CoV2373), including: (1) overstating Novavax’s manufacturing capabilities and downplaying manufacturing issues that would impact the approval timeline for NVX-CoV2373; (2) concealing that Novavax was unlikely to meet its anticipated EUA regulatory timelines; (3) exaggerating the regulatory and commercial prospects for NVX-CoV2373.
Investors began to learn the truth on May 10, 2021, when The Washington Post reported the EUA filing for the vaccine was delayed to June at the earliest due to manufacturing issues. Later that day, Novavax confirmed it was unlikely to seek EUA for NVX-CoV2373 until July at the earliest. In Aug., Novavax pushed the expected EUA filing into Q4 2021. Then, on Oct. 19, 2021 Politico reported, citing anonymous sources, that Novavax “faces significant hurdles in proving it can manufacture a shot that meets regulators’ quality standards,” the company’s “issues are more concerning than previously understood, according to two of the people with direct knowledge of the matter,” and the company could take until the end of 2022 to resolve its manufacturing issues.
These events drove the price of Novavax shares sharply lower.
“We’re focused on investors’ losses and proving Novavax lied about its EUA timeline for NVX-CoV2373,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Novavax and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Novavax should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email NVAX@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895