Novavax, a drug company that made the COVID-19 vaccine, has agreed to settle a class action case and set up a $47,000,000 fund to repay investors that Novavax is said to have ripped off. The Securities Class Action case, which was first filed in 2021, says that Novavax lied about its ability to make a Coronavirus vaccine and its ability to sell and widely distribute the vaccine.
According to the class action lawsuit, Novavax also lied to investors by saying it would be easier than it was to get regulatory permission in time for the business to make money, especially FDA approval. Novavax failed to get the original class action lawsuit thrown out in 2022.
They have now agreed to pay $47 million into a settlement fund so that investors and class action claimants who qualify can get their money. Novavax will have to pay the entire $47,000,000 class action settlement out of its pocket, as required by the planned settlement.
This is because the company has been under a lot of financial pressure since lowering its revenue predictions for 2022 through 2024. The class action settlement has been agreed upon and certified, but the plan may still need to be fully approved by the Court and the judge in charge.
How Do I Qualify For a Payout?
The updated charges for the Novavax Class Action Settlement say that Novavax stock buyers who are eligible must have bought Novavax stock between February 24, 2021, and October 19, 2021. Please keep in mind, though, that these times and other information here could change. After some time, please come back to this page to see if the site for the class action claim form is up and ready to take claims.
What Are Securities Class Action Lawsuits?
Securities class actions, like this one, are lawsuits brought by a group of investors against a company and its executives. The investors say that the company spread false or misleading information or failed to disclose important facts that would have affected their decisions. Class action lawsuits are what these legal activities are, and they are all about breaking securities laws.
Designation as a class action: Some conditions must be met for a case to be a class action, such as having a large group of individuals with similar claims. Most of the time, one or more buyers speak for the whole class. For a stocks (or “securities”) class action settlement, these are some of the most important things to keep in mind:
Breach of Securities Laws: People who are sued are usually accused of breaking securities rules, like the Securities Act of 1933 and the Securities Exchange Act of 1934 in the United States. It is the goal of these rules to keep financial markets open and fair.
Misrepresentations or Omissions that Matter: Plaintiffs say that the company, its executives, or organizations connected to it lied or left out important information in public statements or financial reports. Investors are said to have changed their minds about whether to buy or sell securities because of these moves.
Role of The Lead Plaintiff: In the U.S., the lead plaintiff is chosen to speak for the class and is usually the investor or group of investors with the biggest financial stake in the result of the case.
Return of Investors: If the case is successful and there is a settlement or judgment, the money is split among the people in the class. Recovery could include money payments, changes to how the company is run, or other solutions.
The Role of Regulatory Bodies: Regulatory bodies, like the U.S. Securities and Exchange Commission (SEC), may be investigating or taking action against securities class actions at the same time.
How Much Can I Get Paid?
No one knows how much the class action settlement will be for each defendant or each share. Follow OpenClassActions on Newsbreak or updates to find out when the claim form will be available. You can also check this page often for changes.
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