In re Vaxart, Inc. Securities Litigation

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF CALIFORNIA

In re VAXART, INC. SECURITIES Case No. 20-cv-05949-VC

LITIGATION.

ORDER GRANTING MOTION FOR

CLASS CERTIFICATION

Re: Dkt. No. 380

The motion for class certification is granted. This order assumes the reader’s familiarity with the facts, governing legal standards, arguments made by the parties, and order denying the first motion for class certification. The plaintiffs have fixed the problems with their first motion and satisfied Rule 23(b)(3)’s predominance requirement. Unlike in the first motion, the plaintiffs have explained how price impact and loss causation (as well as the other elements of their claims) can be determined as to all class members, regardless of when in the class period they purchased or sold their Vaxart stock. They have also presented a damages model that can account for the fact that the degree of artificial inflation in the stock price may have varied over the class period—and for different findings regarding the amount of any inflation at each point in the period. In other words, the plaintiffs have shown that, whether the jury finds no liability, finds that the truth leaked out…