NVAX Alert: Berman Tabacco Alerts Investors with Losses in Excess of $100,000 of Deadline for Seeking Appointment as Lead Plaintiff in Novavax, Inc. Class Action
Boston, Massachusetts--(Newsfile Corp. - November 15, 2021) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Novavax, Inc. ("Novavax" or the "Company") (NASDAQ: NVAX), a biotechnology company with headquarters in Gaithersburg, Maryland. Novavax purports to be "conducting late-stage clinical trials for NVX-CoV2373, its vaccine candidate against SARS-CoV-2, the virus that causes COVID-19."
About the Securities Class Action Filed
On November 12, 2021, a securities class action complaint was filed in the District of Maryland on behalf of persons and entities that purchased or otherwise acquired Novavax securities between March 2, 2021 and October 19, 2021, inclusive (the "Class Period").
According to the complaint, on May 10, 2021, The Washington Post reported that Novavax's Emergency Use Authorization ("EUA") "filing was delayed by manufacturing regulatory issues, until June at the earliest, according to four people who had recently been briefed on the [C]ompany's plans." Further, the complaint alleges that "[l]ater that day, during after-market hours, on a call that Novavax hosted with investors and analysts to discuss the Company's first quarter 2021 financial and operational results … Novavax confirmed that it was unlikely to seek an EUA for NVX-CoV2373 in the U.S. until July 2021 at the earliest-i.e., the third quarter of 2021." Following publication of The Washington Post article, "Novavax's stock price fell $15.50 per share, or 8.81%, to close at $160.50 per share on May 10, 2021."
The complaint further alleges that on August 5, 2021, "Novavax reported that it expected to file for NVX-CoV2373's EUA in the fourth quarter of 2021, rather than the third quarter of 2021" and that "On this news, Novavax's stock price fell $46.31 per share, or 19.61%, to close at $189.89 per share on August 6, 2021."
Finally, the complaint alleges that "[o]n October 19, 2021, Politico published an article, entitled "'They rushed the process': Vaccine maker's woes hamper global inoculation campaign". According to the complaint, the "Politico article reported, in relevant part, that Novavax 'faces significant hurdles in proving it can manufacture a shot that meets regulators' quality standards' with respect to NVX-CoV2373." On this news, Novavax's stock price fell $23.69 per share, or 14.76%, to close at $136.86 per share on October 20, 2021.
The complaint asserts that "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 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."
How to Seek Appointment As Lead Plaintiff
If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than January 11, 2022. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. An investor's ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.
A Lead Plaintiff is appointed by the court to represent the members of the putative class in the lawsuit. Typically, the Lead Plaintiff is the applicant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
If you sustained losses in excess of $100,000 from your transactions in Novavax securities during the Class Period and are interested in learning more about serving as Lead Plaintiff, please provide your information here: Shareholder Contact | Berman Tabacco.
Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.
About Berman Tabacco
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.
This notice may constitute attorney advertising.
Jay Eng, Esq.
One Liberty Square
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103623