RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Novavax, Inc. (“Novavax”) (NASDAQ: NVAX). The action charges Novavax with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Novavax’s materially misleading statements, Novavax investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: January 11, 2022
CLASS PERIOD: March 2, 2021 through October 19, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com
NOVAVAX’S ALLEGED MISCONDUCT
Novavax is a biotechnology company that develops vaccines for serious infectious diseases, including NVX-CoV2373, a vaccine developed for COVID-19. Prior to March, 2021, Novavax announced its plan to complete Emergency Use Authorization (“EUA”) submissions for NVX-CoV2373 with the U.S. Food and Drug Administration (“FDA”) in the second quarter of 2021.
On March 2, 2021, Novavax issued a press release stating the company had potential for EUA filing in the second quarter of 2021, and that distribution plans for NVX-CoV2373, as well as agreements for approximately 200 million doses of NVX-CoV2373, had been completed and secured. Then, on May 10, 2021, The Washington Post reported that Novavax’s EUA “filing was delayed by manufacturing regulatory issues, until June at the earliest, according to four people who had recently been briefed on the company’s plans.” Later that day, Novavax participated in a call with investors to discuss its first quarter 2021 financial results, and confirmed that it was unlikely to seek EUA for NVX-CoV2373 in the U.S. until July 2021 at the earliest (the third quarter of 2021). Following this news, Novavax’s stock price fell $15.50 per share, or 8.81%, to close at $160.50 per share on May 10, 2021.
Then, on August 5, 2021, Novavax disclosed that it “[e]xpect[s] to submit for [EUA] to the [FDA for NVX-CoV2373] in the fourth quarter of 2021[,]” rather than the third quarter of 2021. Following 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, on October 19, 2021, Politico published an article entitled “‘They rushed the process’: Vaccine maker’s woes hamper global inoculation campaign.” In the article, Politico indicated that with regard to the NVX-CoV2373 vaccine, Novavax “faces significant hurdles in proving it can manufacture a shot that meets regulators’ quality standards,” and that Novavax could take until the end of 2022 to resolve its manufacturing issues and win regulatory authorizations and approvals. Following 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.
WHAT CAN I DO?
Novavax investors may, no later than January 11, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Novavax investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
