SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of MabVax Therapeutics Holdings, Inc. (NasdaqCM: MBVX) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between March 14, 2016 and May 18, 2018. MabVax, a clinical stage biopharmaceutical company, discovers, develops, and commercializes proprietary human monoclonal antibody products and vaccines for the treatment of various cancers.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/mabvax-therapeutics-holdings-inc
MabVax Accused of Allowing Shareholders to Improperly Influence MabVax Officials
According to the complaint, MabVax incorrectly calculated and reported beneficial ownership of MabVax shares and allowed certain shareholders to improperly influence MabVax and its officers and directors. On January 30, 2018, MabVax disclosed that it was being investigated by the U.S. Securities and Exchange Commission ("SEC") related to certain registration statements. Then, on May 21, 2018, MabVax further revealed that the SEC was investigating potential violations of securities laws by the company's officers and directors, as well as various holders of the company's securities. MabVax stated that the investigation raised questions about the accuracy of certain stockholder reports that MabVax used to calculate and report beneficial ownership. MabVax also noted that if those reports were inaccurate, this would have a domino effect, causing several other figures in its financial statements to be inaccurate. Since news of the SEC investigation was made public, MabVax's stock fell over 48% to close at $1.36 per share on May 21, 2018.
MabVax Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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