NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired Maravai Lifesciences Holdings, Inc. (“Maravai” or the “Company”) (NASDAQ: MRVI) securities during the period from August 7, 2024, through February 24, 2025 (“the Class Period”). Investors have until May 5, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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 the 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 price of Maravai shares declined by $0.87 per share, or approximately 21%, from $4.01 per share on February 24, 2025, to close at $3.14 on February 25, 2025.
The complaint alleges that defendants, throughout the Class Period, 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; and (3) its goodwill was overstated.
If you purchased or otherwise acquired Maravai securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
