MabVax (MBVX) Accused of Allowing Shareholders to Improperly Influence MabVax Officials

According to the complaint, MabVax (MBVX) incorrectly calculated and reported beneficial ownership of MabVax shares and allowed certain shareholders to improperly influence MabVax and its officers and directors. On January 30, 2018, MabVax disclosed that it was being investigated by the U.S. Securities and Exchange Commission ("SEC") related to certain registration statements. Then, on May 21, 2018, MabVax further revealed that the SEC was investigating potential violations of securities laws by the company's officers and directors, as well as various holders of the company's securities. MabVax stated that the investigation raised questions about the accuracy of certain stockholder reports that MabVax used to calculate and report beneficial ownership. MabVax also noted that if those reports were inaccurate, this would have a domino effect, causing several other figures in its financial statements to be inaccurate. Since news of the SEC investigation was made public, MabVax's stock fell over 48% to close at $1.36 per share on May 21, 2018.

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