The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Novavax, Inc. (NVAX) Investors
November 17, 2021 at 12:00 PM EST
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Novavax, Inc. (“Novavax” or the “Company”) (NASDAQ: NVAX) securities between March 2, 2021 and October 19, 2021, inclusive (the “Class Period”). Novavax investors have until January 11, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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.” Later that day, Novavax confirmed the claims, revealing that it was not likely to pursue an EUA for NVX-CoV2373 in the U.S. until its third quarter – July 2021 at the earliest.
On 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. The stock price continued to decline $22.32 per share, or 13.91%, to close at $138.18 per share on May 11, 2021, thereby injuring investors.
Then, on August 5, 2021, Novavax released its second quarter financial results and reported that it expected to file for NVX-CoV2373’s EUA in the fourth quarter of 2021, rather than the third quarter.
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.
Then, on October 19, 2021, Politico published an article entitled “‘They rushed the process’: Vaccine maker’s woes hamper global inoculation campaign”. The Politico article stated that Novavax “faces significant hurdles in proving it can manufacture a shot that meets regulators’ quality standards” in reference to NVX-CoV2373. The article also cited anonymous sources, saying that the Company could take until the end of 2022 to resolve its manufacturing issues and attain regulatory authorizations and approvals.
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, thereby injuring investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements regarding the Company's business, operations, and prospects. Specifically, 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.
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If you purchased Novavax securities during the Class Period, you may move the Court no later than January 11, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Novavax securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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