A Vaxart Inc. shareholder will voluntarily drop his shareholder derivative suit against the company’s leadership over coronavirus vaccine search statements, he told a federal court in California.
The shareholder accused the biotechnology company’s board of misrepresenting Vaxart’s involvement in Operation Warp Speed so some directors could profit from the resulting stock price increase. He hopes to join a similar state court suit “in the interest of streamlining the litigation,” according to a notice filed in the U.S. District Court for the Northern District of California.
“Neither plaintiff nor his counsel has or will take anything from the dismissal of this action without prejudice,” the Nov. 13 voluntary dismissal notice said.
Robbins Geller Rudman & Dowd LLP and Barr Law Group represented the shareholder. Baker Botts LLP and Thompson Hine LLP represented Vaxart and some of its leadership. Akin Gump Strauss Hauer & Feld LLP represented two other Vaxart directors and a hedge fund they’re involved with that was also named as a defendant.
The case is Stachowski v. Boyd, N.D. Cal., No. 20-cv-06525, notice of voluntary dismissal filed 11/13/20.
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