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Published April 9, 2025
Investors in Maravai Lifesciences felt weak in the knees after the biotech company revealed it discovered “material weaknesses” in its financial controls. Furious investors quickly ditched their Maravai shares and the stock’s price nosedived. Some investors are suing the Company to recover their losses.
In August and November 2024, Maravai posted its quarterly financial results, including its quarterly revenue. Maravai also reported taking a major goodwill impairment in one of its four divisions. But, Maravai reassured investors it took a hard look at the other three divisions and no other impairments were needed.
But that wasn’t true. In February, Maravai shocked investors when it revealed “material weaknesses” in its financial reporting required it to retract and revise its August and November reports. The bad news got worse when the Company also said it might have to take a big impairment in another one of its divisions.
Irate investors dumped their shares and Maravai’s stock price crashed. Now, some of those investors are joining the class-action lawsuit.