Class Action Lawsuit Filed Against Maravai LifeSciences Holdings, Inc.
The Law Offices of Howard G. Smith has announced a class action lawsuit concerning investors who acquired Maravai LifeSciences Holdings, Inc. (“Maravai” or the “Company”) MRVI securities between August 7, 2024, and February 24, 2025 (the “Class Period”). Investors in Maravai have until May 5, 2025 to file a lead plaintiff motion.
IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN MARAVAI LIFESCIENCES HOLDINGS, INC. (MRVI), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE CLASS ACTION LAWSUIT.
For further discussion of your legal rights, please reach out to the Law Offices of Howard G. Smith via email at [email protected], by phone at (215) 638-4847, or visit our website at www.howardsmithlaw.com.
What Happened?
On February 25, 2025, prior to market opening, Maravai announced it would postpone its fiscal 2024 earnings release and delay filing its annual report on Form 10-K for the fiscal year ending December 31, 2024. The Company recognized an error in revenue reporting that led to approximately $3.9 million being recorded prematurely in the last week of the second quarter of 2024 instead of the first week of the third quarter of 2024 upon receipt by the customer. Maravai also disclosed a material weakness in its internal controls over revenue recognition and required additional time to assess a potential non-cash impairment charge related to its goodwill from acquiring Alphazyme LLC.
Following this announcement, Maravai’s share price dropped by $0.87, or 21.70%, closing at $3.14 per share on February 25, 2025, amidst significantly high trading volume.
What Is The Lawsuit About?
The filed complaint claims that throughout the Class Period, the Defendants made materially false and/or misleading statements and failed to disclose critical facts about the Company’s operations, business, and future outlook. Specifically, it is alleged that Defendants did not reveal: (1) Maravai lacked adequate internal controls regarding financial reporting on revenue recognition; (2) this weakness led to inaccurate revenue recognition during fiscal 2024; (3) an overstatement of goodwill; and (4) that Defendants’ optimistic statements about the Company were materially misleading and/or lacked a reasonable foundation.
Contact Us To Participate or Learn More:
If you purchased Maravai securities or possess information related to these claims or have questions regarding this announcement and your rights, please connect with us:
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Telephone: (215) 638-4847
Email: [email protected]
Visit our website at: www.howardsmithlaw.com.
This press release may constitute Attorney Advertising in certain jurisdictions under applicable law and ethical standards.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250305556266/en/
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
[email protected]
www.howardsmithlaw.com
