Vaxart, Inc. (NASDAQ: VXRT)

CLASS OPT OUT DEADLINE: 07/25/2025

Related Documents

• Stipulation and Order Approving the Form and Manner of Notice to the Class and Subclass 05/27/25
• Plaintiffs’ Opposition to Armistice Defendants’ Motion for Summary Judgment 05/14/25
• Plaintiffs' Post-Evidentiary Hearing Brief in Further Support of Motion for Spoliation Sanctions 12/20/24
• Order Granting Motion for Class Certification 12/17/24
• Plaintiffs' Renewed Motion for Class Certification, Appointment of Class Representatives, and Appointment of Class Counsel 07/30/24
• Order Approving Settlement Distribution to Authorized Claimants and Granting Related Relief 06/27/24
• Plaintiffs' Notice of Motion and Motion for Spoliation Sanctions 04/29/24
• Plaintiffs' Motion for Class Certification, Appointment of Class Representatives, and Appointment of Class Counsel 12/01/23
• Corrected Second Amended Consolidated Complaint 06/29/23
• Order Granting in Part and Denying in Part Armistice Defendants' Motion to Dismiss 05/25/23
• Reply Memorandum of Law in Support of Lead Plaintiff's Motions for Final Approval of Proposed Partial Class Action Settlement, and an Award of Attorneys' Fees, Reimbursement of Expenses, and Award to Lead Plaintiff 01/05/23
• Joint Declaration in Support of Plaintiffs' Motion for Final Approval of Proposed Partial Class Action Settlement and Plan of Allocation; and Plaintiffs' Counsel's Fee and Expense Application 12/08/22
• Plaintiffs' Counsel's Notice of Motion and Motion for an Award of Attorneys' Fees, Litigation Expenses, and Award to Plaintiffs, and Memorandum in Support Thereof 12/08/22
• Plaintiffs' Notice of Motion and Motion for Final Approval of Proposed Partial Class Action Settlement, and Memorandum in Support Thereof 12/08/22
• Second Amended Consolidated Complaint 11/14/22
• Order Granting Plaintiffs' Motion for Preliminary Approval of Partial Class Action Settlement 10/03/22
• Declaration of Wesley A. Wong in Support of Plaintiffs' Motion for Preliminary Approval of Proposed Settlement 08/19/22
• Plaintiffs' Notice of Motion and Motion for Preliminary Approval of Proposed Settlement, and Memorandum in Support Thereof 08/19/22
• Order Granting in Part and Denying in Part Defendants' Motion to Dismiss 12/22/21
• First Amended Consolidated Complaint 6/10/21
• Consolidated Amended Complaint 01/29/21
• Order Consolidating Cases, Appointing Lead Plaintiff and Lead Counsel 12/09/20

This is a securities fraud class action brought on behalf investors who purchased Vaxart, Inc. (“Vaxart” or the “Company”) securities between June 15, 2020 and August 19, 2020, inclusive (the “Class Period”). The action alleges claims under the federal securities laws against Vaxart, a clinical-stage vaccine developer, its senior executives, Board members, and controlling shareholder Armistice.

Commenced by Hagens Berman on August 24, 2020 after conducting an extensive investigation, the case arises from Defendants’ alleged fraudulent scheme to profit from artificially inflating the Company’s stock price by announcing false and misleading information concerning Vaxart’s oral COVID-19 vaccine candidate.  Specifically, the Complaint alleges that on June 26, 2020, Vaxart 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.

As alleged, Defendants’ scheme included four components: (i) appointing Andrei Floroiu—a former Armistice employee and plaything of Armistice with no prior experience developing a vaccine—as a first-time CEO to carry out an aggressive public relations campaign; (ii) changing Vaxart’s insider trading blackout window with the specific purpose of letting Armistice capitalize on speculation about OWS; (iii) pushing Vaxart to release news suggesting Vaxart had been selected as a finalist for OWS; (iv) all before liquidating nearly all their remaining Vaxart holdings for over $250 million in pure profit.

The relevant truth leaked out in the face of intense scrutiny from investors, analysts, and the media into Vaxart’s self-proclaimed selection for OWS. the lack of any confirmation from official government sources, Vaxart’s decision to ignore media inquiries in the days following the allegedly false and misleading press releases, subsequent reports about U.S. government support for other COVID-19 vaccines, and Armistice’s stock sales. These events contributed to increased skepticism about the misleading impression that Vaxart stood at the precipice of pioneering a successful coronavirus vaccine that had been selected as an OWS finalist and would soon manufacture a billion or more doses.

Then, 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, injuring investors.