Investors who bought Moderna (MRNA) securities between February 15 and May 31, 2024 were covered by a proposed class action alleging Moderna overstated the efficacy of its RSV vaccine, mRESVIA. A federal judge dismissed the amended complaint on October 8, 2026; no class was certified and there is nothing to claim.
Allegations Only · Case Dismissed
This article describes a class action complaint that a court has dismissed. The statements below are unproven allegations. Moderna, Inc. and its executives have not been found liable, no class was certified, and there is nothing to claim. This page is informational and is not legal advice.
What Is This About?
On October 8, 2026, Judge Indira Talwani of the U.S. District Court for the District of Massachusetts dismissed a proposed securities class action against Moderna over the efficacy figures it gave for its RSV vaccine, mRESVIA. The case is Wentz v. Moderna, Inc., No. 1:24-cv-12058. The amended complaint covered everyone who bought or otherwise acquired Moderna securities between February 15, 2024 and May 31, 2024.The lawsuit alleged that Moderna kept telling investors mRESVIA was 83.7% effective after corrected trial data put the figure at 78.7%. The defendants were Moderna, chief executive Stéphane Bancel, chief financial officer James M. Mock and president Stephen Hoge. The court held that the complaint did not plead facts showing the defendants intended to mislead investors or recklessly disregarded that risk.
No class was certified, and there is no settlement, fund or claim form.
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What the Lawsuit Alleged
Moderna reported in early 2024 that mRESVIA had 83.7% efficacy against RSV in its ConquerRSV trial, which would have made it the most effective RSV vaccine on the market behind competing shots from Pfizer and GSK. According to the amended complaint, FDA documents that were not public at the time show the agency asked Moderna in January 2024 to fix inconsistencies in its trial datasets, and the corrected data, completed by February 13, 2024, added positive RSV cases that lowered efficacy to 78.7%.The complaint alleged that Moderna continued to cite the 83.7% figure in SEC filings and investor communications from February 15 to May 2, 2024. It said the 78.7% figure became public on May 31, 2024, when Moderna announced FDA approval, and that Moderna stock fell $8.94, or 5.9%, to close at $142.55 that day. Moderna argued the difference reflected a change in methodology, not an inaccuracy. The claims were brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.
Why the Court Dismissed It
Judge Talwani referred Moderna’s motion to dismiss to Chief Magistrate Judge Paul G. Levenson. His August 31, 2026 report found the complaint plausibly alleged it was inaccurate for Moderna to keep publicizing the 83.7% figure without mentioning that updated data pointed lower, but recommended dismissal because the allegations supported an innocent explanation more than an intent to deceive.On review, Judge Talwani overruled the lead plaintiff’s objections and adopted the report on that ground. The Private Securities Litigation Reform Act requires a securities fraud complaint to plead facts giving rise to a strong inference of scienter. The court found the amended complaint lacked particularized allegations that Hoge or anyone else at Moderna intended to deceive investors or recklessly disregarded that risk, and rejected the argument that knowledge could be inferred because the vaccine was part of Moderna’s core operations.
How the Case Got Here
The original complaint was filed August 9, 2024 by Pomerantz LLP, with a class period running from January 18, 2023 to June 25, 2024. The court appointed a lead plaintiff in May 2025 and approved Bernstein Liebhard as lead counsel in June 2025. The amended complaint, filed August 25, 2025, narrowed the class period to February 15 through May 31, 2024. No other securities class action against Moderna over mRESVIA was found.What Happens Next
The October 8, 2026 order does not say whether the dismissal is with or without prejudice, and no separate judgment or notice of appeal appeared on the public docket as of October 13, 2026. A dismissal can generally be appealed to the U.S. Court of Appeals for the First Circuit once a final judgment is entered. Unless the case is revived, there will be no settlement or claim process.Questions
Why was the Moderna securities class action dismissed?
Judge Indira Talwani found that the amended complaint did not plead facts raising a strong inference of scienter, meaning that Moderna or its executives intended to deceive investors or recklessly disregarded that risk. Securities fraud claims under the Private Securities Litigation Reform Act require that showing at the pleading stage. The ruling did not decide whether Moderna’s statements were accurate.
Who was covered by the Moderna securities class action?
The amended complaint proposed a class of everyone who bought or otherwise acquired Moderna securities between February 15, 2024 and May 31, 2024, inclusive. The original complaint had proposed a longer period, from January 18, 2023 to June 25, 2024. No class was certified.
Is there any money available from the Moderna lawsuit?
No. The case was dismissed, and there is no settlement, fund or claim form. Money would become available only if the dismissal were reversed or the case were revived and later produced a settlement or judgment.
What did the lawsuit say about mRESVIA’s efficacy?
The complaint alleged that Moderna kept citing an 83.7% efficacy rate for mRESVIA after corrected trial data submitted to the FDA showed 78.7%, and that the lower figure became public with the FDA approval on May 31, 2024. Moderna argued the difference reflected a change in methodology rather than an inaccuracy.
Can the Moderna plaintiffs appeal?
A dismissal can generally be appealed to the U.S. Court of Appeals for the First Circuit once a final judgment is entered. The October 8, 2026 order does not say whether the dismissal is with or without prejudice, and no appeal or separate judgment appeared on the public docket as of October 13, 2026.
Sources
- Court docket — Wentz v. Moderna, Inc., No. 1:24-cv-12058 (D. Mass.) (PacerMonitor)
- Memorandum and order dismissing the amended complaint — Dkt. 103, October 8, 2026
- Magistrate judge’s report and recommendation — Dkt. 94, August 31, 2026
- Amended class action complaint — Dkt. 62, filed August 25, 2025
- Original class action complaint — filed August 9, 2024
