But Vaxart’s involvement in Operation Warp Speed was limited. X. There are occasionally "classic pump and dump scheme[s]" when a smaller company puts out an exaggerated claim, as alleged in the Vaxart lawsuits, Parasidis told ABC News. "The Company has voluntarily provided documents requested by the SEC and is cooperating with this informal inquiry.". The company was served with a grand jury subpoena in July from the U.S. District Court for the Northern District of California. Perhaps the biggest news is that Vaxart's drug has been selected by Operation Warp Speed for funding. In addition, the SEC filing outlines several similar lawsuits filed in California and one in Delaware since August alleging violations of federal securities laws by Vaxart and a number of its officers and directors. The value of Vaxart stock has fallen more than 50 percent since mid-July, when it hit new highs on the heels of its Operation Warp Speed announcement. Vaxart’s COVID-19 Vaccine Selected for the U.S. Government’s Operation Warp Speed The New York Times reported the next month that Vaxart appeared to have overstated its involvement in Operation Warp Speed. ABC News' George Stephanopoulos on Tuesday spoke with Dr. Moncef Slaoui, Operation Warp Speed's chief science adviser, and asked him for an … The company announced in June that it had been selected to participate in Operation Warp Speed, the U.S. government’s flagship effort to develop cures and treatments for Covid-19. "We are cooperating with the U.S. Attorney’s Office regarding these requests and have provided documents and information in response," it wrote. Turn on desktop notifications for breaking stories about interest? Operation Warp Speed's goal is to produce and deliver 300 million doses of safe and effective vaccines with the initial doses available by January 2021, as part of a broader strategy to accelerate the development, manufacturing, and distribution of COVID-19 vaccines, therapeutics, and diagnostics (collectively known as countermeasures). “We are very pleased to be one of the few companies selected by Operation Warp Speed, and that ours is the only oral vaccine being evaluated. On Oct. 14, Vaxart revealed in a Securities and Exchange Commission filing that it is being investigated by federal prosecutors and the SEC over the disclosure of its involvement in Operation Warp Speed. The biotech's experimental vaccine candidate is unique because it is an oral tablet, as opposed to administered by an injection, like many of the others in development. One month after Vaxart announced the selection of its lead vaccine candidate for COVID-19, the Bay Area-based company said it has been selected to participate in the U.S. government’s Operation Warp Speed program. and is cooperating with this informal inquiry.”. In a statement to CNN Business Saturday, … By Sara Murray, CNN. U.S. Investigates Vaxart’s Claims Related to Covid-19 Vaccine. Vaxart, a small California biotechnology working on a COVID-19 vaccine, is now being investigated by the government and sued by investors for allegedly exaggerating its role in the Trump administration's Operation Warp Speed, a multibillion dollar program to accelerate COVID … According to the Department of Health and Human Services (HHS), which sponsors the program, Operation Warp Speed aims to "deliver 300 million doses of a … But the company, which had just 15 employees this summer, is not among the drug makers that have received substantial funding for their research and production efforts through Operation Warp Speed. 2, 2020 , 7:10 PM. "The market realizes the claims are exaggerated, the stock falls and then these lawsuits happen. Vaxart's vaccine, an oral tablet, was only involved in preliminary studies on primates sponsored by Warp Speed. 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