NEW YORK, June 29, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MabVax Therapeutics Holdings, Inc. (“MabVax” or the “Company”) (NASDAQ:MBVX) of the August 3, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in MabVax stock or options between March 14, 2016 and May 18, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/MBVX. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

CONTACT:
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The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased MabVax common stock between March 14, 2016 and May 18, 2018 (the “Class Period”). The case, Hardy v. Mabvax Therapeutics Holdings et al, No. 18-cv-01160 was filed on June 4, 2018 and has been assigned to Judge Cynthia Bashant.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company’s internal controls over financial reporting were materially weak and deficient; (2) 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) as a result of the foregoing, the Company’s financial statements, as well as its statements about its business, operations, and prospects, were materially false and misleading.

Specifically, on January 30, 2018, MabVax filed a Form 8-K with the United States Securities and Exchange Commission (“SEC”) disclosing that it was under investigation by the SEC, relating to certain of the Company’s registration statements.

On this news the Company’s share price fell from $2.67 per share on January 29, 2018 to a closing price of $2.19 per share on January 30, 2018—a $0.48 or 18% drop.

Then, on May 21, 2018, the Company filed a Form 8-K with the SEC disclosing more details regarding the SEC investigation into the Company and its officers and directors’ potential violation of federal securities laws, as well as an investigation into potential violations of securities laws by various holders of the Company’s securities.

On this news the Company’s share price fell from $1.77 per share on May 18, 2018 to $1.36 per share on May 21, 2018—a $0.41 or 23.16%, drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding MabVax’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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