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WILMINGTON, Del., Aug. 26, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Vaxart, Inc. (“Vaxart” or the “Company”) (NASDAQ CM: VXRT) between June 25, 2020 and July 25, 2020, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Vaxart during the Class Period, or purchased shares prior to the Class Period and still hold Vaxart, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 210, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/cases-vaxart-inc.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on June 25, 2020, Vaxart announced that it had entered into a Memorandum of Understanding with Attwill Medical Solutions Sterilflow, LP to enable production of a billion or more tablet COVID-19 vaccine does annually. In the press release, Vaxart’s Chief Executive Officer, Defendant Cezar Andrei Floroiu claimed the deal would “enable the large scale manufacturing and ultimate supply of our COVID-19 vaccine for the US, Europe and other countries in need.” The announcement was favorably received, with Vaxart’s stock price nearly doubling from opening at $3.61 per share to closing at $6.26 on June 25, 2020.
The next day, on June 26, 2020, Vaxart issued a second press release entitled “Vaxart’s COVID-19 Vaccine Selected for the U.S. Government’s Operation Warp Speed,” claiming its vaccine has been selected to participate in a non-human challenge study, organized and funded by OWS. This announcement sent the price of Vaxart shares rocketing higher. In the press release, Vaxart’s Chief Executive Officer, Defendant Cezar Andrei Floroiu said, “We are very pleased to be one of the few companies selected by Operation Warp Speed, and that ours is the only oral vaccine being evaluated.” Cezar Andrei Floroiu added, “[O]ur vaccine is a room temperature-stable tablet, an enormous logistical advantage in large vaccination campaigns.” As a result, the stock price jumped from $6.26 to $8.04 after opening at $11.49 with a high of $14.30.