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MabVax Therapeutics Holdings Inc (NASDAQ: MBVX) Investor Securities Class Action Lawsuit 06/04/2018

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Lawsuit Overview

Case Dismissed
Company
MabVax Therapeutics Holdings, Inc.
Security
NASDAQ: MBVX

Case Name
MabVax Therapeutics Holdings Shareholder Class Action Lawsuit 06/04/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 13, 2018 - The case was voluntarily dismissed.

October 10, 2018 - A consolidated complaint was filed.

June 4, 2018 - An investor in shares of MabVax Therapeutics Holdings Inc (NASDAQ: MBVX) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by MabVax Therapeutics Holdings Inc in connection with certain allegedly false and misleading statements made between March 14, 2016 and May 18, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of MabVax Therapeutics Holdings Inc (NASDAQ: MBVX) common shares between March 14, 2016 and May 18, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 14, 2016 and May 18, 2018, the defendants failed to disclose, that the Company’s internal controls over financial reporting were materially weak and deficient, that the Company had incorrectly calculated and reported beneficial ownership of MabVax Therapeutics Holdings Inc shares, and permitted improper influence or control over MabVax Therapeutics Holdings Inc, and/or the Company’s officers and directors by certain shareholders, and that that, as a result of the foregoing, the Company’s financial statements and defendants’ statements about MabVax Therapeutics Holdings Inc’s business, operations, and prospects, were materially false and misleading at all relevant times.

San Diego, CA based MabVax Therapeutics Holdings Inc is a clinical-stage biotechnology company with a fully human antibody discovery platform.

On January 30, 2018, MabVax Therapeutics Holdings Inc announced “that it received notice that the Securities and Exchange Commission (“SEC”) was conducting an investigation and examination pursuant to Section 8(e) of the Securities Act of 1933, as amended, relating to certain of the Company’s registration statements (and amendments thereto).”

On May 24, 2018, MabVax Therapeutics Holdings Inc received notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ( Nasdaq ) indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires the timely filing of periodic reports with the U.S. Securities and Exchange Commission. The notice was sent as a result of the delay in the filing of the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2018 (the Form 10-Q ).