Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of Maryland against Novavax, Inc.
Nov 29, 2021 10:49 AM ET
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Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Novavax, Inc. in the United States District Court for the District of Maryland on behalf of those who purchased Novavax common stock between March 2, 2021 and October 19, 2021, inclusive (the "Class Period").
All investors who purchased shares of Novavax, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Novavax, Inc., you may, no later than January 11, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Novavax, Inc.
The filed Complaint alleges that Defendants misrepresented the Company's progress toward successfully developing its COVID-19 vaccine (NVX-CoV2373), including:
- overstating the Company's manufacturing capabilities and downplaying manufacturing issues that would impact the approval timeline for NVX-CoV2373;
- concealing that the Company was unlikely to meet its anticipated EUA regulatory timelines;
- exaggerating the regulatory and commercial prospects for NVX-CoV2373.
On August 5, 2021, the Company reported that it expected to file for NVX-CoV2373's EUA in the fourth quarter of 2021, rather than the third quarter of 2021. On this news, the Company's stock price fell by more than 19%.
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 reported that the Company "faces significant hurdles in proving it can manufacture a shot that meets regulators' quality standards" with respect to NVX-CoV2373. The Politico article cited anonymous sources as stating that the Company's "issues are more concerning than previously understood" and that the Company could take until the end of 2022 to resolve its manufacturing issues and win regulatory authorizations and approvals.
On this news, the Company's stock price fell another 14.7%.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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