SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment Novavax, Inc. of Class Action Lawsuit and Upcoming Deadline
NEW YORK, November 25, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Novavax, Inc. (“Novavax” or the “Company”) (NASDAQ: NVAX) and some of its officers. The class action filed in The United States District Court for the district Maryland, Southern Division, and registered under 21-cv-02910, is on behalf of a group consisting of all persons and entities other than the Defendant, the Novavax Securities between. bought or otherwise acquired March 2, 2021 and October 19, 2021, both dates including (the “Classification Period”) to compensate for damages caused by Defendants’ breaches of the federal securities laws and to seek legal remedies under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Bill of Exchange Act”) and rule 10b-5 against the company and certain of its top officials.
If you are a shareholder who has purchased Novavax securities during the Class Action Period, you will have until January 11, 2022 ask the court to appoint you as the lead plaintiff for the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, extension. 7980. Inquiries by email are encouraged to include their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Novavax is a biotechnology company focused on the discovery, development and commercialization of vaccines for the prevention of serious infectious diseases and the satisfaction of health needs. The company’s product candidates include NVX-CoV2373, which is under 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.
During the class action period, defendants made essentially false and misleading statements about the company’s business, operations, and prospects. In particular, Defendants have made false and / or misleading statements and / or failed to disclose that: (i) Novavax has overestimated 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, the Company has overstated the regulatory and commercial outlook for NVX-CoV2373; and (iv) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
on May 10, 2021, The Washington Post reported that Novavax’s EEA filing was delayed until June at the earliest due to manufacturing issues, according to four people who recently spoke about the [C]Company plans. “Later that day, during after-market hours, Novavax confirmed on a call Novavax hosted with investors and analysts to discuss the company’s financial and operating results for the first quarter of 2021 (the” 1Q21 Investor Call “) that this is unlikely to apply for an EUA for NVX-CoV2373 in the USA by July 2021 at the earliest – i.e. in the third quarter of 2021.
Novavax’s share price fell after the Washington Post published the article $ 15.50 each per share, or 8.81% to close on $ 160.50 per share 10th of May, 2021. In addition, Novavax’s share price continued to decline in Q1 2021 following the company’s call for investors. $ 22.32 per share, or 13.91% to close on $ 138.18 per share May 11, 2021.
Then, on August 5, 2021Novavax published a press release with the financial results and operational highlights for the second quarter of 2021. Among other things, Novavax reported that it expects to file the EEA of NVX-CoV2373 in the fourth quarter of 2021 rather than the third quarter of 2021.
As a result of this news, Novavax’s share price fell $ 46.31 per share, or 19.61% to close on $ 189.89 per share August 6, 2021.
Finally on October 19, 2021, Politico published an article entitled “‘They rushed the process’: The suffering of vaccine manufacturers is hampering 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 issues are more worrying than previously understood” and that it may take the company until the end of 2022 to resolve its manufacturing issues and obtain regulatory approvals and permits.
As a result of this news, Novavax’s share price fell $ 23.69 per share, or 14.76% to close on $ 136.86 per share October 20, 2021.
Pomerantz LLP, with offices in new York, Chicago, The angel, Paris, and Tel Aviv, is recognized as one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as the Dean of the Class Action Chamber, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, breach of duty of loyalty and corporate misconduct. The company has collected numerous millions of dollars in damages on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP