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Shareholder sues Novavax management, board over stock rewards - Bloomberg
Mar. 04, 2021 2:51 PM ETNovavax, Inc. (NVAX)By: Jonathan M Block, SA News Editor54 Comments
A Novavax, Inc. (NASDAQ:NVAX) shareholder has filed suit in Delaware Chancery Court accusing the company of breach of fiduciary duty, corporate waste and unjust enrichment, Bloomberg Law reports.
The shareholder claims that senior management and the board gave themselves lucrative stock rewards in April and June 2020 before no one else knew the company's stock would skyrocket 700% in a short period because of its COVID-19 vaccine development program.
In a matter of months, the suit claims, those rewards increased by more than $35M in value after the U.S. government announced Novavax would get billions of dollars in COVID-19 vaccine research funding under Operation Warp Speed.
"Management exploited its relationship 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."
The case, filed on Feb. 26 but unsealed today, is Thomas H. Golubinski v. Richard H. Douglas.
Novavax shares are down 11.8% to $161.94 in afterno