Maravai LifeSciences Securities Fraud Investigation: Investors Urged to Contact Award-Winning Firm, Gibbs Law Group LLP

Business Wire 25-Feb-2025 9:13 PM

Shares of Maravai LifeSciences Holdings, Inc. ("Maravai LifeSciences") plunged over 21% in intraday trading on Tuesday, February 25, 2025, after the company disclosed it would be delaying its 2024 earnings release. The company delayed the earning release and investor call, stating that it needs additional time to complete an assessment of disclosure controls and internal controls over financial reporting. Gibbs Law Group is investigating a potential Maravai LifeSciences (NASDAQ:MRVI) Securities Class Action Lawsuit on behalf of shareholders who lost money in Maravai LifeSciences Holdings.

What Should Maravai LifeSciences Investors Do?

If you invested in Maravai LifeSciences, visit our website, or call us at (888) 410-2925 to get more information about how you may be able to recover your losses. Our investigation concerns whether Maravai LifeSciences Holdings has violated federal securities laws by providing false or misleading statements to investors.

What is the Maravai LifeSciences (MRVI) Lawsuit Investigation About?

On Tuesday, February 25, 2025, Maravai LifeSciences disclosed that it would be postponing its previously announced earnings release and call scheduled for February 25, 2025, and it would be unable to file its annual 2024 financial report on time. In a press release, the company explained it needs additional time to:

1. Complete "its assessment of a potential non-cash impairment charge related to goodwill associated with its previous acquisition of Alphazyme LLC."
2. Assess "an error identified during the close process with respect to revenue recognition associated with a single shipment identified in year-end audit procedures that 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."
3. Complete "its assessment of the effectiveness of its disclosure controls and procedures and internal controls over financial reporting as of December 31, 2024, and any remediation, including with respect to remediation of a material weakness in its internal controls over revenue recognition identified by management.

Following this news, shares of Maravai LifeSciences dropped over 21% in intraday trading on February 25, 2025, causing significant harm to investors.

About Gibbs Law Group

Gibbs Law Group represents investors nationwide in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world's largest corporations, and our attorneys have received numerous honors for their work, including "Best Lawyers in America," "Top Plaintiff Lawyers in California," "California Lawyer Attorney of the Year," "Class Action Practice Group of the Year," "Consumer Protection MVP," and "Top Women Lawyers in California."

This press release may constitute Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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CATHERINE CONROY PHONE: 510.350.9705 EMAIL: CRC@CLASSLAWGROUP.COM