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In an opinion written in unusually direct language, a federal district court has denied the motion to dismiss in a coronavirus-related securities class action lawsuit filed against a vaccine development company. However, the motion to dismiss was granted with leave to amend as to the vaccine company’s major outside shareholder. The significant context of the pandemic itself and the swirl of media coverage surrounding it proved to be a significant factor in the court’s denial of the motion to dismiss as to the company defendants. The court’s December 22, 2021 opinion in the Vaxart securities litigation can be found here.
Continue Reading Coronavirus-Related Securities Suit Against Vaccine Company Survives Dismissal Motion

In what is the third coronavirus-related securities class action lawsuit filed so far in 2021, a plaintiff shareholder has filed a securities class action lawsuit against the U.K.-based biopharma firm AstraZeneca plc relating to the setbacks the company encountered late last year in connection with the company’s efforts to develop a COVID-19 vaccine. The complaint also relies heavily on the way that the company communicated to investors and the general public concerning anomalies in the vaccine’s interim clinical trial results. A copy of the January 26, 2021 complaint against the company can be found here.
Continue Reading AstraZeneca Hit with Securities Suit Over COVID-19 Vaccine Development Setbacks

A California-based vaccine development company has been hit with a coronavirus outbreak-related securities class action lawsuit, based on the company’s statements about its COVID-19 vaccine development efforts and about the company’s participation in a federal government vaccine development program. In addition, in a separate development, a different company has been hit with a coronavirus outbreak-related shareholder derivative lawsuit, based on the company’s statements concerning its ability to provide COVID-19 testing kits.
Continue Reading Two Companies Hit with COVID-19-Related D&O Lawsuits