NEW YORK, July 12, 2018 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. announces that class action lawsuits have been commenced on behalf of shareholders of MabVax Therapuetics Holdings, Flex Pharma, Inc., and Ormat Technologies, Inc. Shareholders have until the deadlines listed below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
MabVax Therapuetics Holdings (NASDAQ:MBVX)
Class Period: March 14, 2016 – May 18, 2018
Lead Plaintiff Deadline: August 3, 2018
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company’s internal controls over financial reporting were materially weak and deficient; (2) that the Company had incorrectly calculated and reported beneficial ownership of MabVax shares, and permitted improper influence or control over MabVax, and/or the Company’s officers and directors by certain shareholders; and, (3) that, as a result of the foregoing, the Company’s financial statements and Defendants statements about MabVaxs business, operations, and prospects, were materially false and misleading at all relevant times.
To learn more about the MabVax class action go to: http://bespc.com/mabvax
Flex Pharma, Inc. (NASDAQ:FLKS)
Class Period: November 6, 2017 – June 12, 2018
Lead Plaintiff Deadline: August 20, 2018
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Flex Pharma overstated the viability and approval prospects for its product candidate FLX-787 for the treatment of ALS and CMT; and (2) as a result, Flex Pharma’s public statements were materially false and misleading at all relevant times. On June 13, 2018, Flex Pharma announced that it planned to halt both the COMMEND and the COMMIT trials, citing oral tolerability concerns observed in both studies. Flex Pharma further announced that the Company will restructure its organization to reduce costs, including reducing its workforce by approximately 60%, and that Flex Pharma’s Board is exploring “strategic alternatives, including the potential sale or merger of the company.” On this news, Flex Pharma’s share price fell $3.14, or 75.12%, to close at $1.04 on June 13, 2018.
To learn more about the Flex Pharma class action go to: http://bespc.com/flex/
Ormat Technologies, Inc. (NYSE:ORA)
Class Period: August 8, 2017 – May 15, 2018
Lead Plaintiff Deadline: June 11, 2018
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that (1) there were errors in the income tax provision primarily relating to Ormat’s valuation allowance based on its ability to utilize foreign tax credits in the U.S. prior to their expiration; (2) Ormat violated United States generally accepted accounting principles; (3) Ormat’s internal controls over financial reporting were ineffective; (4) Ormat would need to restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements; and (5) as a result, defendants’ statements about Ormat’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. The complaint claims that when the truth was revealed to the market, investors suffered damages.
To learn more about the Ormat class action go to: https://bespc.com/ora/
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.