January 29, 2021 - An amended consolidated complaint was filed.

August 24, 2020 - An investor in shares of Vaxart, Inc. (NASDAQ: VXRT) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Vaxart, Inc. in connection with certain allegedly false and misleading statements made between June 25, 2020 and July 25, 2020.

San Francisco, CA based Vaxart, Inc., a clinical-stage company, engages in the discovery and development of oral recombinant protein vaccines based on its proprietary oral vaccine platform. Vaxart, Inc. reported that its annual Total Revenue rose from $4.15 million in 2018 to $9.86 million in 2019, and that its Net Loss increased from $18 million in 2018 to $18.64 million in 2019. Shares of Vaxart, Inc. (NASDAQ: VXRT) rose from $0.36 per share in January 2020 to as high as $17.15 per share on July 16, 2020. Since then shares of Vaxart, Inc. (NASDAQ: VXRT) declined to $12.00 per share on July 24, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Vaxart, Inc. (NASDAQ: VXRT) common shares between June 25, 2020 and July 25, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that on June 26, 2020, 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.