Form 8-K - Current report
December 05 2023 - 7:45AM
Edgar (US Regulatory)
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2023-12-05
2023-12-05
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
December 5, 2023
NOVAVAX, INC.
(Exact name of registrant as specified
in charter)
Delaware |
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0-26770 |
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22-2816046 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission File Number) |
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(I.R.S. Employer
Identification No.) |
700 Quince Orchard Road
Gaithersburg, Maryland 20878
(Address of Principal Executive Offices,
including Zip Code)
(240) 268-2000
(Registrant’s telephone number,
including area code)
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
|
Trading
Symbol(s) |
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Name of each exchange on which
registered |
Common Stock, Par Value $0.01 per share |
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NVAX |
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The Nasdaq Global Select Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item
8.01. Other Events.
On November 12, 2021, Sothinathan Sinnathurai filed a purported securities
class action in the U.S. District Court for the District of Maryland (the “Maryland Court”) against Novavax, Inc. (the “Company”)
and certain members of the Company’s senior management, captioned Sothinathan Sinnathurai v. Novavax, Inc., et al., No. 8:21-cv-02910-TDC
(the “Sinnathurai Action”). On January 26, 2022, the Maryland Court entered an order designating David Truong, Nuggehalli
Balmukund Nandkumar, and Jeffrey Gabbert as co-lead plaintiffs in the Sinnathurai Action. The co-lead plaintiffs filed a consolidated
amended complaint on March 11, 2022, alleging that the defendants made certain purportedly false and misleading statements concerning
the Company’s ability to manufacture prototype vaccine on a commercial scale and to secure the prototype vaccine’s regulatory
approval. The amended complaint defines the purported class as those stockholders who purchased the Company’s securities between
February 24, 2021 and October 19, 2021. On April 25, 2022, the defendants filed a motion to dismiss the consolidated amended complaint.
On December 12, 2022, the Maryland Court issued a ruling granting in part and denying in part defendants’ motion to dismiss. The
Maryland Court dismissed all claims against two individual defendants and claims based on certain public statements challenged in the
consolidated amended complaint. The Maryland Court denied the motion to dismiss as to the remaining claims and defendants, and directed
the Company and other remaining defendants to answer within fourteen days. On December 27, 2022, the Company filed its answer and affirmative
defenses. On March 16, 2023, the plaintiffs filed a motion for class certification and to appoint class representatives and counsel. The
Company filed its opposition to the plaintiffs’ motion on September 22, 2023, and the plaintiffs filed a reply on November 13, 2023.
On December 4, 2023, the parties agreed to a binding settlement in
principle (the “Proposed Settlement”) to fully resolve the surviving claims in the Sinnathurai Action. Under the Proposed
Settlement’s terms, the Company agreed to pay $47 million into a settlement fund, which the Company expects will be funded by the
Company’s directors and officers’ liability insurance and paid to members of a putative settlement class. The Proposed Settlement
will include customary releases by the parties and a disclaimer of liability by the Company and by the Company’s senior management
named as defendants. The Proposed Settlement is contingent upon approval by the Maryland Court.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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NOVAVAX, INC. |
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Date: December 5, 2023 |
By: |
/s/ James P. Kelly |
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Name: |
James P. Kelly |
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Title: |
Executive Vice President, Chief Financial Officer and Treasurer |
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