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Oklahoma City, OK (June 8, 2018) – On June 4, 2018, a securities class action lawsuit was filed in the United States District Court for the Southern District of California against MabVax Therapeutics Holdings, Inc. (NASDAQ: MBVX). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 14, 2016 through May 18, 2018. More specifically, Defendants failed to disclose: (1) that MabVax’s internal controls over financial reporting were materially weak and deficient; (2) that the Company had incorrectly calculated and reported beneficial ownership of MabVax shares, and permitted improper influence or control over MabVax, and/or the Company’s officers and directors by certain shareholders; and, (3) that, as a result of the foregoing, the Company’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 disclosed that it was being investigated by the U.S. Securities and Exchange Commission (“SEC”) related to certain registration statements. Then, on May 21, 2018, MabVax further revealed that the SEC was investigating potential violations of securities laws by the company’s officers and directors, as well as various holders of the company’s securities. MabVax stated that the investigation raised questions about the accuracy of certain stockholder reports that MabVax used to calculate and report beneficial ownership. MabVax also noted that if those reports were inaccurate, this would have a domino effect, causing several other figures in its financial statements to be inaccurate. When the news of the SEC investigation was made public, MabVax’s stock fell over 48% to close at $1.36 per share on May 21, 2018.
Plaintiff seeks to recover damages on behalf of all MabVax Therapeutics Holdings, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, August 3, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
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