SHAREHOLDER ALERT: Kessler Topaz Meltzer & Check, LLP Reminds Novavax Investors of Securities Fraud Class Action Lawsuit Filed On Their Behalf
November 18, 2021 at 17:40 PM EST
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
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NOVAVAX’S ALLEGED MISCONDUCT
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?
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WHO CAN BE A LEAD PLAINTIFF?
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP