| COMPANY |
Maravai LifeSciences Holdings, Inc. |
| COURT |
United States District Court for the Southern District of California |
| CASE NUMBER |
3:25-cv-00499 |
| JUDGE |
The Hon. Andrew George Schopler |
| CLASS PERIOD |
August 7, 2024, through February 24, 2025 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS MAY 5, 2025.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit was filed on behalf of those who purchased or otherwise acquired Maravai LifeSciences Holdings, Inc. (“Maravai”) (NASDAQ: MRVI) securities between August 7, 2024, and February 24, 2025, inclusive (the “Class Period”).
The Class Period begins on August 7, 2024. On that day, Maravai issued a press release highlighting the company’s financial results for the second quarter of 2024, including revenue for the second quarter of $73.4 million, representing a 6.5% increase over the same period in the prior year.
On August 8, 2024, Maravai submitted its quarterly report for the period ended June 30, 2024 on a Form 10-Q filed with the SEC and affirmed its previously reported financial results. Maravai also stated in the quarterly report that the company “concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2024” and that “There have been no changes in our internal control over financial reporting…during the three months ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.”
On February 25, 2025, before the market opened, Maravai announced it was postponing its fiscal 2024 earnings release and would delay filing its annual report on Form 10-K for the fiscal year ended December 31, 2024. Specifically, Maravai stated that the company had identified an error in revenue recognition that “resulted in approximately $3.9 million in revenue being recorded in the final week of the second quarter of 2024 upon shipment when it should have been recorded in the first week of the third quarter of 2024 upon receipt by the customer.” Related, Maravai had identified “a material weakness in its internal controls over revenue recognition” and required additional time to “complete its assessment of a potential non-cash impairment charge related to goodwill associated with its previous acquisition of Alphazyme LLC.”
On this news, Maravai’s share price fell $0.87, or 21.70%, to close at $3.14 per share on February 25, 2025, on unusually heavy trading volume.
The complaint alleges that, throughout the Class Period, Defendants made materially 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 to investors that: (1) Maravai lacked adequate internal controls over financial reporting related to revenue recognition; (2) as a result, Maravai inaccurately recognized revenue on certain transactions during fiscal 2024; (3) Maravai’s goodwill was overstated; and (4) that, as a result of the foregoing, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.