NEW YORK, June 05, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against MabVax Therapeutics Holdings, Inc. (“MabVax” or the “Company”) (Nasdaq: MBVX ) in the United States District Court for the Southern District of California on behalf of a class consisting of investors who purchased or otherwise acquired MabVax securities on the open market from March 14, 2016 and May 18, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that MabVax and other defendants made materially false and misleading statements and failed to disclose that: (1) that the Company’s internal controls over financial reporting were materially weak and deficient; (2) that the Company had incorrectly calculated and reported beneficial ownership of MabVax shares, and permitted improper influence or control over MabVax, and/or the Company’s officers and directors by certain shareholders; and, (3) that, as a result of the foregoing, the Company’s financial statements and Defendants’ statements about MabVax’s business, operations, and prospects, were materially false and misleading at all relevant times.
On January 30, 2018, the Company revealed “that it received notice that the Securities and Exchange Commission (‘SEC’) was conducting an investigation and examination pursuant to Section 8(e) of the Securities Act of 1933, as amended, relating to certain of the Company’s registration statements (and amendments thereto).” On this news, the Company’s stock fell $0.48, or over 17%, from its previous closing price to close at $2.19 on January 30, 2018, damaging investors.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the August 3, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com .
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