In re: Vaxart Inc. Securities Litigation

Analysis Group was retained on behalf of Armistice Capital, Armistice Capital Master Fund, and two Armistice executives, the defendants in a Rule 10b-5 securities fraud class action involving Vaxart, a clinical-stage biotech company developing oral recombinant vaccines. The plaintiffs alleged that Armistice orchestrated a stock manipulation and insider-trading scheme by causing Vaxart to issue false and misleading press releases regarding its COVID-19 vaccine candidate, including statements about Operation Warp Speed (OWS) and manufacturing capabilities. The plaintiffs claimed these statements artificially inflated Vaxart’s stock price, allowing Armistice to sell millions of shares at elevated prices before a subsequent decline.

An Analysis Group team led by Managing Principal Gaurav Jetley and Vice Presidents Michaela Johnson and Erica VanSant supported affiliate Ashish K. Jha, former White House COVID-19 Response Coordinator, who submitted an expert report and testified at trial. At trial, Dr. Jha testified on the known scope and criteria for OWS participation at the time of Vaxart’s statements. He testified that government stakeholders provided material support for vaccine development in a variety of ways under OWS.

A jury in the US District Court for the Northern District of California returned a defense verdict, finding for the defendants on all claims.