Novavax Board Accused of Covid Vaccine Stock Scheme by Investor

A Novavax Inc. investor sued its senior leaders in Delaware Chancery Court, claiming they gave themselves a series of lucrative equity awards last year when no one else knew the company’s stock was about to shoot up nearly 700% on promising Covid-19 vaccine news.

“Management exploited its relationships with regulators and influential players in the vaccine community to both secure funding and position itself to receive even more funding for Covid-19 research prior to granting spring-loaded awards to company insiders,” according to the complaint made public Thursday.

The stock given to top executives in April and June skyrocketed in value ...