Vaxart based in California has been working on a Covid-19 vaccine. The company is being sued because investors the old company is exaggerating its partnership with the US government Operation Warp Speed program for developing COVID-19 vaccines and treatments for the disease.
In a press release Vaxart (VXRT) issued, the company statement said, “Vaxart’s Covid-19 Vaccine Selected for the US Government’s Operation Warp Speed.” after the announcement the stock jump up $17.00 per share from $3 per share. According to SEC filings that is a $200 million profit. Armistice, which has two execs on Vaxart’s board–including its founder, Stephen Boyd–immediately sold all its warrants. “Armistice sold 27.6 million Vaxart shares, reducing its overall beneficial ownership in Vaxart from 29% to 0.2%, reaping profits of approximately $200 million,” one complaint said.
One of the lawsuits stated in the complaint that Vaxart violated securities laws by misleading statements that it was a major player in Operation Warp Speed,
The US Department of Health and Human Services (HHS) told the New York Times that it had not entered into a funding agreement or negotiations with Vaxart. Source NYT
Federal prosecutors will be looking at different lawsuits against the company, its board members and executives.
You can view the SEC filing here –https://www.sec.gov/Archives/edgar/data/0000072444/000143774920021115/vxrt20201013_8k.htm
Vaxart based in California has been working on a Covid-19 vaccine. The company is being sued because investors the old company is exaggerating its partnership with the US government Operation Warp Speed program for developing COVID-19 vaccines and treatments for the disease.
In a press release Vaxart (VXRT) issued, the company statement said, “Vaxart’s Covid-19 Vaccine Selected for the US Government’s Operation Warp Speed.” after the announcement the stock jump up $17.00 per share from $3 per share. According to SEC filings that is a $200 million profit. Armistice, which has two execs on Vaxart’s board–including its founder, Stephen Boyd–immediately sold all its warrants. “Armistice sold 27.6 million Vaxart shares, reducing its overall beneficial ownership in Vaxart from 29% to 0.2%, reaping profits of approximately $200 million,” one complaint said.
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One of the lawsuits stated in the complaint that Vaxart violated securities laws by misleading statements that it was a major player in Operation Warp Speed.
The US Department of Health and Human Services (HHS) told the New York Times that it had not entered into a funding agreement or negotiations with Vaxart. Source NYT
Federal prosecutors will be looking at different lawsuits against the company, its board members and executives.
https://www.sec.gov/Archives/edgar/data/0000072444/000143774920021115/vxrt20201013_8k.htm
