NEW YORK, NY / ACCESSWIRE / December 7, 2021 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion no later than January 18, 2022 in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Novavax, Inc. ("Novavax") (NASDAQ:NVAX) between March 2, 2021 and October 19, 2021, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the District of Maryland and alleges violations of the Securities Exchange Act of 1934.
If you purchased or otherwise acquired Novavax securities, and/or would like to discuss your legal rights and options, please visit Novavax Inc. Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Novavax is a biotechnology company that focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases and address health needs. The Company's product candidates include, among others, NVX-CoV2373, which is in development as a vaccine for COVID-19. Prior to the start of the Class Period, Novavax announced that it planned to complete Emergency Use Authorization ("EUA") submissions for NVX-CoV2373 with the U.S. Food and Drug Administration ("FDA") in the second quarter of 2021.
According to the complaint, Defendants made false and/or misleading statements and, among other things, failed to disclose that: (i) Novavax overstated its manufacturing capabilities and downplayed manufacturing issues that would impact its approval timeline for NVX-CoV2373; (ii) Novavax was unlikely to meet its anticipated EUA regulatory timelines for NVX-CoV2373; and (iii) the Company overstated the regulatory and commercial prospects for NVX-CoV2373.
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, during after-market hours, on a call that Novavax hosted with investors and analysts to discuss the Company's first quarter 2021 financial and operational results (the "1Q21 Investor Call"), Novavax confirmed that it was unlikely to seek an EUA for NVX-CoV2373 in the U.S. until July 2021 at the earliest- i.e., the third quarter of 2021. On this news, Novavax's shares fell $15.50 per share, or 8.81%, to close at $160.50 per share on May 10, 2021. Moreover, following the Company's 1Q21 Investor Call, Novavax's stock price continued to fall an additional $22.32 per share, or 13.91%, to close at $138.18 per share on May 11, 2021, damaging investors.
On August 5, 2021, Novavax issued a press release reporting its financial results and operational highlights for the second quarter of 2021. Among other news, Novavax 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, Novavax shares 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". The Politico article reported, in relevant part, that Novavax "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 Novavax'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, Novavax's stock price fell $23.69 per share, or 14.76%, to close at $136.86 per share on October 20, 2021 further damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than January 11, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Novavax securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/novavaxinc-nvax-shareholder-lawsuit-class-action-fraud-stock-455/ or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Joe Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE: Bernstein Liebhard LLP