LOS ANGELES, July 27, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Vaxart, Inc. ("Vaxart " or the "Company") (NASDAQ: VXRT) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors. The investigation focuses on whether the company misled investors concerned the success of the Company’s vaccine, all while permitting certain insiders to benefit from the inflated share price through large sales of Vaxart stock.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On June 26, 2020, Vaxart issued a news release announcing that it had been selected for Operation Warp Speed, the federal initiative to quickly develop drugs to combat the coronavirus. The truth was more complex. Vaxart's Covid-19 vaccine candidate was included in a trial on primates that a federal agency organized in conjunction with Operation Warp Speed. Unbeknownst to investors, Vaxart is not among the companies selected to receive significant financial support from Operation Warp Speed.
Following Vaxart's June 26th announcement, one of the Company’s largest shareholders exercised its newly amended warrants to buy nearly 21 million Vaxart shares and immediately sold them, making an immense $197 million profit.
Then 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.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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