--- title: "09:06 ETJury Returns Full Defense Verdict for Armistice Capital and Its Executives in Vaxart Securities Class Action" type: "News" locale: "en" url: "https://longbridge.com/en/news/286422512.md" description: "A California federal jury has returned a complete defense verdict for Armistice Capital LLC and its executives, clearing them of all claims in a securities class action brought by Vaxart Inc. investors. The jury deliberated for less than four hours after a two-week trial, where plaintiffs alleged market manipulation and insider trading. Defense argued that the allegations were based on isolated phrases and that the press releases were accurate. The case originated from stock sales by Armistice following Vaxart's announcements in 2020. Vaxart settled separately for $12 million in 2022." datetime: "2026-05-14T13:07:19.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286422512.md) - [en](https://longbridge.com/en/news/286422512.md) - [zh-HK](https://longbridge.com/zh-HK/news/286422512.md) --- # 09:06 ETJury Returns Full Defense Verdict for Armistice Capital and Its Executives in Vaxart Securities Class Action _Federal jury clears hedge fund and two executives of all claims following two-week trial_ , /PRNewswire/ -- A California federal jury on Tuesday returned a complete defense verdict in favor of Armistice Capital LLC, Armistice Capital Master Fund Ltd., founder Steven Boyd, and Managing Director Keith Maher, clearing all defendants of securities fraud and insider trading claims brought by a class of Vaxart Inc. investors. The verdict came after less than four hours of deliberation over two days, concluding a trial that began April 14 in the U.S. District Court for the Northern District of California before U.S. District Judge Vince Chhabria. Plaintiffs had alleged that Armistice manipulated the market for Vaxart shares during the COVID-19 pandemic by leveraging false and misleading press releases to sell its position at artificially inflated prices, and that Boyd and Armistice possessed material nonpublic information at the time of sale. The defendants denied all allegations throughout the proceedings. Defense counsel Charles Connolly of Akin Gump Strauss Hauer & Feld LLP argued at trial that the plaintiffs' case rested on isolated phrases rather than the full content of the Vaxart press releases, which were accurate and true, and that there was no evidence that Armistice, Boyd or Maher knew anything about the information in the press releases until after they were issued. "A reasonable investor does not just read the headlines," Connolly said. The case, _In re: Vaxart Inc. Securities Litigation_, case number 3:20-cv-05949, had its origins in stock sales Armistice executed on June 26 and June 29, 2020, following Vaxart announcements about a manufacturing agreement and the company's inclusion in the federal government's Operation Warp Speed program. Vaxart and its current and former executives, named as co-defendants in the original complaint, settled separately in 2022 for $12 million. Armistice Capital was represented by Joshua A. Rubin, Lillian J. Rand, Charles F. Connolly, Stacey H. Mitchell, Kaitlin D. Shapiro, and David M. Giller of Akin Gump Strauss Hauer & Feld LLP. **Media Contact:** Steven Boyd, Managing Partner, Armistice Capital, 510 Madison Avenue, New York, NY, 10022, (212) 231-4930 \[email protected\] SOURCE Armistice Capital ### Related Stocks - [VXRT.US](https://longbridge.com/en/quote/VXRT.US.md) - [IBB.US](https://longbridge.com/en/quote/IBB.US.md) - [BBH.US](https://longbridge.com/en/quote/BBH.US.md) - [BIB.US](https://longbridge.com/en/quote/BIB.US.md) - [XBI.US](https://longbridge.com/en/quote/XBI.US.md) - [SBIO.US](https://longbridge.com/en/quote/SBIO.US.md) - [ARKG.US](https://longbridge.com/en/quote/ARKG.US.md) - [LABU.US](https://longbridge.com/en/quote/LABU.US.md) - [FBT.US](https://longbridge.com/en/quote/FBT.US.md) - [IBBQ.US](https://longbridge.com/en/quote/IBBQ.US.md) - [PBE.US](https://longbridge.com/en/quote/PBE.US.md) ## Related News & Research - [Vaxart Urges Shareholder Support Amid Proxy Contest, Updates Pipeline](https://longbridge.com/en/news/286974394.md) - [Editas Showcases Promising EDIT-401 Hyperlipidemia Preclinical Data](https://longbridge.com/en/news/286407513.md) - [BUZZ-Street View: Regeneron's melanoma trial setback raises bigger-picture questions](https://longbridge.com/en/news/286769076.md) - [Lantern Pharma raises capital, plans AI platform spinoff](https://longbridge.com/en/news/286480334.md) - [Roivant posts unexpected Q4 profit due to Moderna lawsuit settlement gain](https://longbridge.com/en/news/287053604.md)