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Vaxart Buried Investors In 'Avalanche Of B.S.,' Judge Says

By Dorothy Atkins (September 30, 2021, 5:30 PM EDT) -- U.S. District Judge Vince Chhabria appeared skeptical Thursday of Vaxart's efforts to ditch a proposed securities class action claiming the biotechnology company artificially inflated its stock price with an allegedly deceptive headline about producing a COVID-19 vaccine candidate, saying the defendants "buried the investors in an avalanche of B.S."

During a hearing held via Zoom, Judge Chhabria said it appears that the investors have plausibly alleged that Vaxart Inc. and its majority stockholder and controlling owner, hedge fund Armistice Capital LLC, intended to artificially prop up the price of the penny stock. It also appears that the investors have plausibly alleged...

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