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LOS ANGELES, April 28, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Maravai LifeSciences Holdings, Inc. ("Maravai" or the "Company") (NASDAQ: MRVI) investors of a class action representing investors that bought securities between August 7, 2024 and February 24, 2025, inclusive (the "Class Period"). Acadia Healthcare investors have until May 5, 2025 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The Maravai class action lawsuit alleges that, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Maravai lacked adequate internal controls over financial reporting, specifically concerning revenue recognition; (ii) as a result, Maravai improperly recognized revenue for certain transactions during fiscal year 2024; and (iii) Maravai’s goodwill was overstated.
The lawsuit further claims that, on February 25, 2025, Maravai announced it was postponing its fiscal 2024 earnings release and delaying the filing of its annual report. The company disclosed that it needed additional time to complete its year-end financial close, primarily due to: (1) an assessment of a potential non-cash impairment charge related to goodwill from its prior acquisition of Alphazyme LLC; (2) the discovery of an error during the close process concerning revenue recognition, where approximately $3.9 million in revenue was incorrectly recorded in the final week of the second quarter of 2024 upon shipment rather than in the first week of the third quarter of 2024 upon receipt by the customer; and (3) an evaluation of the effectiveness of its disclosure controls, internal controls over financial reporting as of December 31, 2024, and any necessary remediation, including addressing a material weakness identified in its revenue recognition controls. Following this announcement, Maravai’s stock price declined by nearly 22%, according to the complaint.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
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