Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Maravai LifeSciences Holdings, Inc. (MRVI)

/EIN News/ -- NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities who purchased the securities of Maravai LifeSciences Holdings, Inc. (“Maravai” or the “Company”) (NASDAQ: MRVI) between August 7, 2024 and February 24, 2025, both dates inclusive (the “Class Period”).

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that 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.

According to the Complaint, 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 Complaint alleges that 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 Complaint also alleges that the Company had identified “a material weakness in its internal controls over revenue recognition.” The Complaint further alleges that 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.”

According to the Complaint, 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.

Investors who purchased or otherwise acquired shares of Maravai should contact the Firm prior to the May 5, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.