NEW YORK - March 12, 2025 (NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Maravai LifeSciences Holdings, Inc. (“Maravai” or the “Company”) (NASDAQ: MRVI) on behalf of investors that purchased or otherwise acquired Maravai securities between August 7, 2024 and February 24, 2025 (the “Class Period”).
If you are an investor in Maravai and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than May 5, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On February 25, 2025, before the market opened, Maravai announced that it had identified “a material weakness in its internal controls over revenue recognition” which “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.” The Company also announced it would need additional time to “complete its assessment of a potential non-cash impairment charge related to goodwill associated with its previous acquisition of Alphazyme LLC.” As a result, the Company is postponing its fiscal 2024 earnings release and delaying the filing its 10-K annual report for the fiscal year ended December 31, 2024.
On this news, the price of Maravai stock fell $.87 per share, nearly 22%, to close at $3.14 per share on February 25, 2025.
The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Maravai lacked adequate internal controls over financial reporting related to revenue recognition; (ii) as a result, the Company inaccurately recognized revenue on certain transactions during fiscal 2024; and (iii) its goodwill was overstated.
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If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer*
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King*
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.
https://www.kaplanfox.com/case/maravai-lifesciences-holdings-inc/
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