Covid Vaccine Maker Novavax Agrees to $47M Class Action Settlement

Novavax, a Covid vaccine manufacturer, has agreed to a $47 million class action settlement

Novavax Coronavirus Vaccine Class Action Settlement

Novavax, a pharmaceutical firm that created a Covid vaccine, has agreed to resolve a Class Action lawsuit and establish a $47,000,000 fund to pay back investors who claim Novavax deceived them. The Securities Class Action action, which was first filed in 2021, claims that Novavax deliberately made false statements about its capacity and competency to create a Coronavirus vaccine, as well as its ability to commercialize and grow the vaccine. The class action lawsuit also claims that Novavax misled investors by overstating its potential to obtain regulatory approval in time to be economically viable, specifically FDA approval.

Novavax failed to dismiss the original class action complaint in 2022, and has now agreed to pay $47 million to a settlement fund that will be distributed to qualifying investors and class action plaintiffs. Novavax is likely to completely cover the $47,000,000 class action settlement using liability insurance under the provisions of the proposed settlement, as the business has already been under substantial financial strain since sequentially reducing its revenue forecast for 2022 through 2024. While the class action settlement has been agreed upon and certified, the proposal may still require full approval from the presiding judge and Court.

How Do I Qualify For a Payout?

According to the amended allegations in the Novavax Class Action Settlement, investors who qualify must have purchased Novavax stock between February 24, 2021 and October 19, 2021. Please keep in mind that these dates and other information are subject to change. Please return to this page later to see if the class action claim form site is operational and accepting claims.

What Are Securities Class Action Lawsuits?

Securities class actions, such as this one, are lawsuits brought by a group of investors against a company and its executives, alleging that the company disseminated false or misleading information or failed to disclose material facts that influenced investors’ decisions. These legal actions are classified as class action lawsuits, and they explicitly address violations of securities laws. Designation of a Class Action: Certain criteria must be met in order to qualify as a class action, including a large number of plaintiffs with comparable claims. Typically, one or more investors function as class representatives. Here are some of the most critical components of a stock (or “securities”) class action settlement:

Breach of Securities Laws: Most lawsuits revolve around allegations of violations of securities laws, such as the Securities Act of 1933 and the Securities Exchange Act of 1934 in the United States. These laws are intended to maintain financial market openness and fairness.

Plaintiffs contend that the corporation, its officials, or affiliated entities made significant misrepresentations or omissions in public statements or financial reports. These purported activities allegedly impacted investors’ decisions to acquire or sell shares.

In the United States, the lead plaintiff is designated to represent the class and is frequently the investor or group of investors having the greatest considerable financial interest in the outcome of the lawsuit.

Investor Recovery: If a case is successful and results in a settlement or judgment, the recovery is divided among class members. Financial compensation, changes in company governance, or other remedies may be used to recover.

Regulatory authorities’ Involvement: Securities class actions may overlap with investigations or enforcement actions by regulatory authorities such as the United States Securities and Exchange Commission (SEC).

How Much Can I Get Paid?

It is unknown what the class action award will be per stock or every claimant. Please check back here for updates on when the claim form will be ready, or follow OpenClassActions on Newsbreak for updates.

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