Covid Vaccine Maker Novavax Agrees to $47M Class Action Settlement
Photo Credit: Unsplash | Published: December 5, 2023
Claim Form Deadline: Not Open to Claims Yet
Estimated Payout: $47 Million
Proof required: Yes
Novavax Coronavirus Vaccine Class Action Settlement
Novavax, a pharmaceutical company that developed a Covid vaccine, has agreed to settle a Class Action lawsuit and establish a $47,000,000 fund to repay investors that were allegedly defrauded by Novavax. The Securities Class Action lawsuit, originally filed in 2021, alleges that Novavax knowingly made false statements regarding its capacity and competency to produce a Coronavirus vaccine, and its ability to commercialize and scale the vaccine. The class action lawsuit also alleges that Novavax deceived investors by overstating its ability to achieve regulatory approval in time to be commercially viable, most notably approval from the FDA.Novavax failed to dismiss the original class action complaint in 2022, and has now entered into a binding agreement to pay $47 Million towards a settlement fund that will be paid out to qualifying investors and class action claimants. Under the terms of the proposed settlement, Novavax is expected to fully fund the $47,000,000 class action settlement using liability insurance, as the company has already been under significant financial duress since sequentially downgrading its forecasted revenue for 2022 through 2024. While the class action settlement has been agreed upon and granted certification, the proposal may require full approval by the presiding judge and Court.
How Do I Qualify For a Payout?
The Novavax Class Action Settlement's amended complaints mentions that investors of Novavax who qualify must have purchased Novavax stock at any time between February 24, 2021 and October 19, 2021. However, please note that these dates or other information here may be subject to change. Please check this page at a later date to see if the class action claim form site is up and open to claims.What Are Securities Class Action Lawsuits?
Securities class actions, such as this one, are lawsuits specifically initiated by a collective of investors against a company and its executives, alleging that the company disseminated false or misleading information or neglected to disclose material facts that would have impacted investors' decisions. These legal actions fall within the realm of class action lawsuits, specifically addressing violations of securities laws. Class Action Designation: To qualify as a class action, certain criteria must be met, including having a sizable group of plaintiffs with similar claims. Typically, one or more investors act as representatives of the class. Here are some of the most important elements for a stocks (or "securities") class action settlement:Securities Laws Breach: Lawsuits typically center around accusations of violating securities laws, such as the U.S. federal securities laws like the Securities Act of 1933 and the Securities Exchange Act of 1934. These laws are designed to uphold transparency and fairness in financial markets.
Material Misrepresentations or Omissions: Plaintiffs argue that the company, its executives, or related entities made substantial misrepresentations or omissions in public statements or financial disclosures. These alleged actions are claimed to have influenced investors in their decisions to buy or sell securities.
Lead Plaintiff Role: In the U.S., the lead plaintiff is appointed to represent the class and is often the investor or group of investors with the most substantial financial interest in the case's outcome.
Investor Recovery: In the event of a successful lawsuit resulting in a settlement or judgment, the recovery is distributed among the class members. Recovery may include monetary compensation, alterations in corporate governance, or other remedies.
Involvement of Regulatory Bodies: Securities class actions may coincide with investigations or enforcement actions by regulatory bodies, such as the U.S. Securities and Exchange Commission (SEC).
How Much Can I Get Paid?
It is unknown what the class action payout will be per stock or per claimant. Please check this page for updates.How Do I File a Claim To Get a Payout?
The Novavax Class Action Settlement is not yet open to claims. Once a class action website or claim information is available, this page will be updated. You can stay up to date on this class action by signing up to the OpenClassActions.com newsletter below, or by visiting this page at a later date.How Do I Find Class Action Settlements?
Find all the latest Class Action Settlements you can qualify for by getting notified of new lawsuits as soon as they are open to claims:
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