NEW YORK, May 13, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that it is investigating whether the directors and/or officers of Vaxart, Inc. (“Vaxart” or the “Company”) (NASDAQ: VXRT) breached their fiduciary duties of loyalty, good faith and candor and whether the Company suffered substantial harm as a result.
According to a complaint filed by investors in the securities of the Company, 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. The complaint also alleges that Defendants also issued millions of dollars in favorable stock options to Vaxart’s most senior executives.
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, injuring investors.
If you are an investor in Vaxart securities and wish to discuss your rights or if you are aware of any facts relating to this investigation, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow