NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces investigation of potential securities claims on behalf of shareholders of Vaxart, Inc. (NASDAQ: VXRT) resulting from allegations that Vaxart may have issued materially misleading business information to the investing public.
During spring 2020, Vaxart began developing a COVID-19 vaccine candidate. On June 26, 2020, Vaxart announced that it had been selected for Operation Warp Speed, the federal initiative to develop a drug for the coronavirus.
Then, on July 25, 2020, The New York Times published an article clarifying that “Vaxart is not among the companies selected to receive significant financial support from Warp Speed.” Further, the article detailed that following the surprise announcement from Vaxart regarding a potential coronavirus vaccine, that “Vaxart's shares soared,” and “Company insiders, who weeks earlier had received stock options worth a few million dollars, saw the value of those awards increase sixfold.” The article also reported that “a hedge fund that partly controlled the company walked away with more than $200 million in instant profits,” and that “Vaxart's board members also received large grants of stock options, giving them the right to buy shares in the company at prices well below where the stock is now trading.”
On this news, the Company’s share price fell as much as 20% on July 27, 2020, the next trading day, and closed at $11.16 per share.
Rosen Law Firm is preparing a securities lawsuit on behalf of Vaxart shareholders. If you purchased securities of Vaxart please visit the firm’s website at http://www.rosenlegal.com/cases-register-1910.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at mailto:firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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