Investor Alert: Novavax, Inc. Class Action Lawsuit

Investor Alert: Novavax, Inc. Class Action

NVAX ALERT: Novavax, Inc. Investors with material losses have the option to bring a class action lawsuit

SAN DIEGO, CA (STL.News) Robbins Geller Rudman & Dowd LLP announces that the buyer or acquirer of Novavax, Inc. (NASDAQ: NVAX) Securities between March 2, 2021 and October 19, 2021 inclusive (the “Cumulative Period”) have until January 11, 2022 in order to be eligible for the Sinnathurai v. 21-cv-02910 (D. Md.). The Novavax class action lawsuit, which began November 12, 2021 and was assigned to Judge Theodore D. Chuang, charges Novavax and some of its officers of violating the Securities Exchange Act of 1934.

If you would like to act as the lead plaintiff in the Novavax class action, please provide your information by clicking here. You can also contact Attorney JC Sanchez of Robbins Geller by phone at 800-449-4900 or by email at [email protected]. Motions from the lead plaintiffs for the Novavax class action must be filed with the court no later than January 11, 2022.

CASE NEED: Novavax is a biotechnology company with product candidates including NVX-CoV2373, which is in development as a vaccine against COVID-19. Prior to the start of the training period, Novavax announced that it plans to complete its Emergency Authorization (“EUA”) submissions for NVX-CoV2373 with the US Food and Drug Administration in the second quarter of 2021.

Novavax’s class action alleges that, during the class action period, defendants made false and misleading statements and failed to disclose that: (i) Novavax overstated its manufacturing capabilities and downplayed manufacturing issues that would affect its approval period for NVX-CoV2373; (ii) as a result, it was unlikely that Novavax would meet the expected EUA regulatory deadlines for NVX-CoV2373; (iii) accordingly, Novavax has overstated the regulatory and commercial prospects for NVX-CoV2373; and (iv) as a result, Novavax’s public statements at all relevant times were materially false and misleading.

May 2021, the Washington Post reported that Novavax’s EUA filing “was delayed until June at the earliest due to manufacturing issues,” according to four people recently informed of the company’s plans. Later that day, Novavax confirmed during a call to investors that it was unlikely to look for an EUA for NVX-CoV2373 in the USA in July 2021 at the earliest – i.e. in the third quarter of 2021. As a result of this news, Novavax’s share price fell nearly 9%. In addition, Novavax’s share price fell another 13.9% following Novavax’s call to investors.

Then, on August 5, 2021, Novavax reported that it is expected to file the EEA of NVX-CoV2373 in the fourth quarter of 2021, rather than the third quarter of 2021. Because of the news, Novavax’s share price fell more than 19%.

Finally, on October 19, 2021, Politico published an article entitled “‘You’ve Accelerated the Process’: The Sufferings of Vaccine Manufacturers Are Obstructing the Global Vaccination Campaign”. Politico’s article reported in the relevant part that Novavax faces “significant hurdles to prove that it can produce a shot that meets regulatory quality standards” with regard to NVX-CoV2373. Politico’s article quoted anonymous sources as saying that “Novavax’s problems are more worrying than previously understood” and that it may take Novavax until the end of 2022 to resolve its manufacturing issues and obtain regulatory approvals and approvals. As a result of this news, Novavax’s share price fell another 14.7%, which did further damage to investors.

LEAD ACTION: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased Novavax securities during the class action period to seek appointment as the lead plaintiff in the Novavax class action. A lead plaintiff is usually the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. One lead plaintiff is acting on behalf of all of the other class plaintiffs in directing the Novavax class action. The lead plaintiff can choose a law firm of their choice to bring the Novavax class action lawsuit. An investor’s ability to participate in a possible future collection of the Novavax class action lawsuit does not depend on whether or not they are the lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP

With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm serving investors in securities class actions. Robbins Geller’s attorneys have won many of the largest shareholder recoveries in history, including the largest securities class action of all time – $ 7.2 billion – in In re Enron Corp. Sec. Lit. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for getting $ 1.6 billion back for investors last year, more than double the amount paid by any other securities plaintiff firm was drafted. More information is available at http://www.rgrdlaw.com.

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