The information contained on this web page is only a summary of information presented in more detail in the Notice of Class Certification (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.
For information regarding the previous Settlement that received final approval on January 20, 2023, please go to the link titled “2023 Partial Settlement” on this website.
IF YOU ARE A CLASS MEMBER, YOUR LEGAL RIGHTS WILL BE AFFECTED BY THIS CLASS ACTION WHETHER YOU ACT OR DO NOT ACT. PLEASE READ THE NOTICE CAREFULLY.
THE CLASS INCLUDES ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED PUBLICLY TRADED VAXART, INC. (“VAXART” OR THE “COMPANY”) (TICKER SYMBOL: “VXRT”) COMMON STOCK, OR PURCHASED CALL OPTIONS OR SOLD PUT OPTIONS THEREON, BETWEEN JUNE 25, 2020 AND JULY 24, 2020, INCLUSIVE, AND WERE DAMAGED THEREBY (THE “CLASS”) AND INCLUDING ALL MEMBERS OF THE CLASS WHO PURCHASED OR OTHERWISE ACQUIRED PUBLICLY TRADED VAXART COMMON STOCK CONTEMPORANEOUSLY WITH DEFENDANTS’ JUNE 26, 2020 AND JUNE 29, 2020 SALES OF VAXART COMMON STOCK AND WERE DAMAGED THEREBY (THE “SUBCLASS”).
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DO NOTHING |
Stay in this lawsuit. Await the outcome. Give up certain rights. By doing nothing, you keep the possibility of getting money or benefits that may come from a trial or a settlement in this Action, but you give up any rights to sue Defendants over the same legal claims that have been brought in this lawsuit. Note: If you stay in this lawsuit and if money is later recovered from Defendants, you will be notified later about how to ask for a share of any such recovery. |
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ASK TO BE EXCLUDED BY JULY 25, 2025 |
Get out of this lawsuit. Get no benefits from it. Keep rights to bring separate action. If you are a member of the Class (or the included Subclass) and do not want to be bound by any Court rulings in this Action, then you must take steps to exclude yourself from the Class. This is also sometimes referred to as “opting out” of a class. Note that if you want to exclude yourself, you must do so completely as to both the Class and (to the extent potentially applicable) the Subclass – in other words, you cannot remain a member of the Class but exclude yourself from the Subclass, nor can you remain a member of the Subclass but exclude yourself from the Class. For complete information on how to exclude yourself, please see Question 14 in the Notice and details below on this website. |
How and When Will the Court Decide Who Is Right in This Case?
The Armistice Defendants filed a summary judgment motion on April 3, 2025, asking the Court to rule in their favor without going to trial. Class Representatives will oppose the Armistice Defendants’ summary judgment motion, and the Court has indicated it will hear argument on the motion on or before July 2, 2025. The outcome of the motion may resolve the case entirely or partially in Defendants’ favor, potentially eliminating the possibility of a trial. If the motion is denied, the case will move forward to trial, unless the case is resolved by a settlement.
As long as the case isn’t resolved by a settlement or otherwise, Class Representatives will have to prove their claims at trial. The trial is currently set to start on October 27, 2025, at the United States District Courthouse for the Northern District of California, 450 Golden Gate Avenue, San Francisco, CA 94102, in Courtroom 4. During the trial, a jury or the judge will hear all of the evidence to help them reach a decision about whether Class Representatives or the Armistice Defendants are right about the claims in the lawsuit. There is no guarantee that Class Representatives will win, or that they will get any money for the Class or Subclass. Please note that the trial dates are subject to change, so please check the settlement website for updates.
What Is This About?
The plaintiffs selected by the Court to represent the Class and Subclass in this Action (the “Class Representatives”) originally sued defendants Vaxart and certain of its current and former officers and directors alleging violations of the federal securities laws, and the Court previously approved a settlement as to those defendants in their Vaxart capacities (collectively, the “Former Defendants”). All deadlines to “opt out” from that settlement have passed.
Class Representatives continued to litigate claims against non-settling defendants Armistice Capital, LLC, Armistice Capital Master Fund, Armistice’s owner and founder Steven Boyd (“Boyd”), and Armistice’s managing director Keith Maher (“Maher”) (collectively, “Defendants” or the “Armistice Defendants”). These Defendants have not agreed to settle.
The Court has certified this Action, as to the remaining claims, as a class action on behalf of the Class (including a Subclass).
Is There Any Money Available Now?
No money or benefits are available now because the Court has not yet decided whether the Armistice Defendants did anything wrong, and they have not settled the case. There is no guarantee that any recovery will ever be obtained against these remaining Defendants. If a recovery should be obtained, you will be notified later about how to ask for a share of any such recovery.
How Do I Exclude Myself from the Class or Subclass?
If you want to be excluded, then you must submit a “request for exclusion” by July 25, 2025. If you do, the Court will exclude you from the Class (including the Subclass, if applicable). If you exclude yourself, you cannot get a share of the recovery, if any, obtained in this Action, but you will be free to sue the Armistice Defendants on the same claims (at your own expense) and will not be bound by any orders or judgments entered in this class action.
To exclude yourself, you must send a written request stating that you “request to be excluded from the Class in In re Vaxart, Inc. Securities Litigation.” To be valid, your request must also include your name, address, telephone number, your signature, and copies of documents (do not send originals) sufficient to show how many shares of Vaxart common stock (and how many put or call options, if any) you purchased and/or sold between June 25 and July 24, 2020, inclusive. You must submit your exclusion request so that it is received no later than July 25, 2025. There are three ways to submit your exclusion request: (i) mail it to Vaxart Securities Litigation, EXCLUSIONS, c/o A.B. Data, Ltd., P.O. Box 173001, Milwaukee, WI 53217; (ii) submit it on this website using the “Request Exclusion” link; or (iii) email it to exclusion@vaxartsecuritieslitigation.com. Unless otherwise ordered by the Court, your exclusion request must comply with the above requirements to be valid. Please note that you cannot exclude yourself on the phone.
Further Information
This website and the Notice summarize the Case. For more details regarding the Case, please reference the documents filed in the case under the “Court Documents” link. You may also contact the Administrator or Lead Counsel for further information regarding the Case.