Vaxart, Inc.

On June 26, 2020, Vaxart issued a news release announcing that it had been selected for Operation Warp Speed (“OWS”), the federal initiative to quickly develop drugs to combat the coronavirus.

On July 25, 2020, a New York Times article revealed that Vaxart’s vaccine candidate was included in a trial on primates that a federal agency was organizing in conjunction with Operation Warp Speed. However, the Company was not selected to receive significant financial support from Operation Warp Speed.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Vaxart had exaggerated the prospects of its COVID-19 vaccine candidate, including its purported role or involvement in OWS; (2) that Vaxart’s COVID-19 vaccine candidate had no reasonable prospect for mass production and marketing and was not among the companies selected to receive significant financial support from OWS to produce hundreds of millions of vaccine doses; (3) that, in reality, the Company’s COVID-19 vaccine candidate was merely selected to participate in preliminary U.S. government studies to determine potential areas for possible OWS partnership and support; and (4) that, at the time Defendants’ statements were made, those studies were ongoing, and no determination had been made.