Law Offices of Howard G. Smith Encourages Maravai LifeSciences Holdings, Inc. (MRVI) Investors To Inquire About Securities Fraud Class Action

Business Wire 5-Mar-2025 9:00 AM

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Maravai LifeSciences Holdings, Inc. ("Maravai" or the "Company") (NASDAQ: MRVI) securities between August 7, 2024 and February 24, 2025, inclusive (the "Class Period"). Maravai investors 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 ONGOING SECURITIES FRAUD LAWSUIT.

Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@howardsmithlaw.com, by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.

What Happened?

On February 25, 2025, before the market opened, Maravai announced it was postponing its fiscal 2024 earnings release and would delay filing its annual report on Form 10-K for the fiscal year ended December 31, 2024. The Company had identified an error in revenue recognition 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." The Company had identified "a material weakness in its internal controls over revenue recognition." Maravai also required additional time to "complete its assessment of a potential non-cash impairment charge related to goodwill associated with its previous acquisition of Alphazyme LLC."

On this news, the Company's share price fell $0.87, or 21.70%, to close at $3.14 per share on February 25, 2025, on unusually heavy trading volume.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Maravai lacked adequate internal controls over financial reporting related to revenue recognition; (2) as a result, the Company inaccurately recognized revenue on certain transactions during fiscal 2024; (3) its goodwill was overstated; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Contact Us To Participate or Learn More:

If you purchased Maravai securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:

Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, Telephone: (215) 638-4847 Email: howardsmith@howardsmithlaw.com Visit our website at: www.howardsmithlaw.com.

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

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Law Offices of Howard G. Smith Howard G. Smith, Esquire 215-638-4847 howardsmith@howardsmithlaw.com www.howardsmithlaw.com