Investigation announced for Long-Term Investors in shares of Vaxart, Inc. (NASDAQ: VXRT)

An investigation was announced for current long-term investors in shares of Vaxart, Inc. (NASDAQ: VXRT) concerning potential breaches of fiduciary duties by certain directors of Vaxart, Inc.

Investors who are current long term investors in Vaxart, Inc. (NASDAQ: VXRT) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in NASDAQ: VXRT stocks follows a lawsuit filed against Vaxart, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: VXRT stocks, concerns whether certain Vaxart, directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that Vaxart, Inc. issued a press release entitled, “Vaxart’s COVID-19 Vaccine Selected for the U.S. Government’s Operation Warp Speed,” falsely claiming its vaccine had 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.

The plaintiff alleges that in furtherance of the scheme, Defendants amended controlling shareholder Armistice’s existing warrant agreements, allowing Armistice to exercise all of its warrants immediately and sell 27.6 million Vaxart shares, reaping profits of approximately $200 million. Defendants also issued millions of dollars in favorable stock options to Vaxart’s most senior executives.

The plaintiff claims that on July 25, 2020, details emerged revealing Defendants’ deception concerning their alleged pump and dump scheme. In particular, on July 25, 2020, The New York Times published an article entitled, “Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine,” covering suspiciously timed stock bets that had generated significant profits for senior executives and board members at companies developing vaccines and treatments. Vaxart was featured prominently in the article, and it clarified “Vaxart is not among the companies selected to receive significant financial support from Warp Speed.” In response to this news, the price of Vaxart shares dropped sharply lower on July 27, 2020 from $12.29 to $11.16.

Those who purchased shares of Vaxart, Inc. (NASDAQ: VXRT) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.