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Why Novavax Plummeted by Over 6% Today

Novavax (NASDAQ: NVAX), one of the more up-and-down coronavirus stocks, headed south at the end of the week. There was no significant news about Novavax’s high-profile NVX-CoV2373 coronavirus vaccine, at least on the developmental or regulatory front. Rather, between Thursday night and Friday morning a pair of law firms issued reminders that their class action lawsuits against the company were moving forward. One of those suits, filed by San Francisco-based firm Hagens Berman, alleges that the “Defendants misrepresented Novavax’s progress toward successfully developing its COVID-19 vaccine.”

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