Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in MabVax Therapeutics Holdings (NASDAQ:MBVX) in connection to alleged violations of securities laws by MBVX. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in MabVax Therapeutics Holdings between March 14, 2016 and May 18, 2018.
The class action complaint specifically alleges that during the period in question, MBVX might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company had materially weak and deficient internal controls governing its financial reporting; that when the company calculated and reported the beneficial ownership if its shares, it did so incorrectly; that the company allowed for there to be improper influence by certain shareholders over the company and/or its officers and directors; and that consequently the company’s statements to the public about its business, operations and prospects during the relevant period were false and misleading. When the company announced on January 30, 2018, that it had received notice of an SEC investigation into certain of its registration statements, its stock declined about 17%, or $0.48/share, to a close of $2.19/share on that day. When it filed a Form 8-K on May 21, 2018, announcing that it believed the SEC was investigating potential violations of securities laws by the company, and that certain of its prior financial statements should not be relied upon, its share price declined $0.41/share, or 23%, to a close of $1.36/share on that day.
According to the company’s website, MabVax Therapeutics Holdings is a pharmaceutical company involved in the development of “therapies from the protective human immune response.” Its product candidates include MVT-1075, MVT-5873, MVT-2163, and MVT-5873. The company trades on the Nasdaq exchange under the symbol MBVX.
A class action lawsuit has already been filed in connection with MabVax Therapeutics Holdings. If you wish to serve as lead plaintiff in the MBVX lawsuit, you must move the Court no later than August 3, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.