MabVax Therapeutics Holdings, Inc. (MBVX) Accused of Incorrectly Calculating Beneficial Ownership of MabVax Shares
On January 30, 2018, MabVax Therapeutics Holdings, Inc. (MBVX) disclosed that it was being investigated by the SEC related to certain registration statements. Then, on May 21, 2018, MabVax revealed that the SEC was also investigating potential violations of securities laws by the company’s officers, directors, and 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. The company’s stock has since plummeted even further, trading at only $0.46 per share on August 7, 2018.