Post by icemandios on Jun 5, 2018 14:33:17 GMT
MabVax Class Action: Bernstein Liebhard LLP Announces That A Securities Class Action Lawsuit Has Been Filed Against MabVax Therapeutics Holdings, Inc. - MBVX
To join the MabVax class action, and/or if you have information relating to this matter, please visit our MabVax SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) MabVax's internal controls over financial reporting were materially weak and deficient; (2) MabVax had incorrectly calculated and reported beneficial ownership of MabVax shares, and permitted improper influence or control over MabVax, and/or MabVax's officers and directors by certain shareholders; and (3) as a result of the foregoing, MabVax's financial statements and Defendants' statements about MabVax's business, operations, and prospects, were materially false and misleading at all relevant times.
On January 30, 2018, MabVax revealed "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 this news, MabVax's stock fell $0.48, or over 17%, from its previous closing price to close at $2.19 on January 30, 2018, damaging investors.
Then, on May 21, 2018, MabVax filed a Form 8-K with the SEC revealing that it "believe the SEC is investigating (i) potential violations [of the federal securities laws] by the Company and its officers, directors and others." MabVax further revealed that its "prior annual and interim period financial statements for the years 2014, 2015, 2016 and 2017," and its "registration statements filed during the years 2014, 2015, 2016, 2017 and to date for 2018 with respect to the number of shares of common stock outstanding, and the weighted average number of shares used in calculating earnings per share and related per share figures should not be relied upon." Accordingly, MabVax stated that "investors in our common stock are cautioned not to rely on these financial statements and not to rely on our prior disclosures regarding the beneficial ownership of our capital stock included in our registration statements, Exchange Act reports and other filings filed with the SEC on or after January 1, 2014."
On this news, MabVax's stock fell $0.41, or over 23%, from its previous closing price to close at $1.36 on May 21, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than August 3, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
