Vaxart Shareholder Drops Federal Derivative Suit Over Vaccine

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 ...