LOS ANGELES--(BUSINESS WIRE)--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 Vaxart, Inc. (“Vaxart” or the “Company”) (NASDAQ: VXRT) securities between June 25, 2020 and July 25, 2020, inclusive (the “Class Period”). Vaxart investors have until October 23, 2020 to file a lead plaintiff motion.
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On June 26, 2020, Vaxart issued a news release announcing that it had been selected for Operation Warp Speed (“OWS”), the federal initiative to quickly develop drugs to combat the coronavirus.
On July 25, 2020, a New York Times article revealed that Vaxart’s vaccine candidate was included in a trial on primates that a federal agency was organizing in conjunction with Operation Warp Speed. However, the Company was not selected to receive significant financial support from Operation Warp Speed.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Vaxart had exaggerated the prospects of its COVID-19 vaccine candidate, including its purported role or involvement in OWS; (2) that Vaxart’s COVID-19 vaccine candidate had no reasonable prospect for mass production and marketing and was not among the companies selected to receive significant financial support from OWS to produce hundreds of millions of vaccine doses; (3) that, in reality, the Company’s COVID-19 vaccine candidate was merely selected to participate in preliminary U.S. government studies to determine potential areas for possible OWS partnership and support; and (4) that, at the time Defendants’ statements were made, those studies were ongoing, and no determination had been made.
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If you purchased Vaxart securities during the Class Period, you may move the Court no later than October 23, 2020 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 Vaxart 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 firstname.lastname@example.org, 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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