Maravai LifeSciences Holdings, Inc. – MRVI

Feb 26, 2025 | Investigations

Kehoe Law Firm, P.C. (“KLF”) is investigating potential securities claims on behalf of investors of Maravai LifeSciences Holdings, Inc. (“Maravai LifeSciences,” “Maravai,” or the “Company”) (NASDAQ:MRVI).

Maravai LifeSciences investors who acquired their securities between August 7, 2024 and February 24, 2025, inclusive (the “Class Period”) and suffered financial losses are encouraged to complete KLF’s Stockholder Information Request Form or send us a message to reach an attorney for a free, no-obligation legal evaluation of potential claims.

Delayed Earnings Release and Notification of Late Filing of Its Annual Report 

On February 25, 2025, Maravai LifeSciences announced that it is postponing its previously announced earnings release and call scheduled for February 25, 2025, as well as that it intends to file a Form 12b-25, Notification of Late Filing, with the SEC and will delay the filing its annual report on Form 10-K for the fiscal year ended December 31, 2024.

Maravai LifeSciences also reported that it “. . . requires additional time to complete its year-end financial close process for reasons related primarily to the following items. First, Maravai requires additional time to complete its assessment of a potential non-cash impairment charge related to goodwill associated with its previous acquisition of Alphazyme LLC.”

Next, Maravai stated that it “. . . requires additional time to assess an error identified during the close process with respect to revenue recognition associated with a single shipment identified in year-end audit procedures 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 price of Maravai stock dropped more than 20% by the close of trading on February 25, 2025.

Maravai Reports Certain Financial Statements Should No Longer Be Relied Upon 

On March 18, 2025, Maravai reported that “[o]n March 17, 2025, the Audit Committee of the Board of Directors of the Company . . . concluded that the Company’s interim financial statements and related disclosures included in the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2024 . . ., and September 30, 2024 . . ., and as of and for the interim periods ended June 30, 2024, and September 30, 2024 . . ., included in its Quarterly Reports for Q2 2024 and Q3 2024, should no longer be relied upon and are being restated . . . as set forth in the Company’s consolidated financial statements included with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 . . ..”

Restatement to Correct an Error Associated with a Single Shipment

The restatement, according to Maravai, “. . . primarily corrects an error identified during the year-end financial close process with respect to revenue recognition associated with a single shipment 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.”

Additionally, Maravai LifeSciences reported that “[i]n connection with these matters, the Company concluded that, as of December 31, 2024, the Company’s disclosure controls and procedures were not effective at a reasonable assurance level and its internal control over financial reporting was ineffective, due to the material weaknesses in internal control over financial reporting described in Part II, Item 9A of the 2024 Form 10-K being filed concurrently with [the] Form 8-K.” 

Maravai LifeSciences Securities Fraud Class Action Lawsuit 

On March 3, 2025, a class action complaint alleging violations of the federal securities laws was filed against Maravai LifeSciences on behalf of investors who acquired Maravai LifeSciences securities between August 7, 2024 and February 24, 2025, inclusive (the “Class Period”).

According to the class action complaint, throughout the Class Period, the Maravai LifeSciences Defendants allegedly made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.

Allegedly, the Maravai LifeSciences Defendants failed to disclose to investors that Maravai lacked adequate internal controls over financial reporting related to revenue recognition, and as a result, the Company inaccurately recognized revenue on certain transactions during fiscal 2024; its goodwill was overstated; and, consequently, the Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Maravai LifeSciences Investors: Learn More About the Securities Investigation and Your Legal Options

Maravai LifeSciences investors who acquired their securities during the Class Period and suffered financial losses may obtain more information about the class action lawsuit and securities investigation by contacting John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], [email protected].

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

 

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Kehoe Law Firm, P.C.
2001 Market Street
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Philadelphia, PA 19103

PHONE

Tel: 215-792-6676

EMAIL

[email protected]

The Overtime Pay Rule Reversal – What it Means for Workers?

Feb 22, 2025 | KLF Blog

The overtime pay rule reversal in November 2024 means many workers who would have become eligible for overtime pay under a new Department of Labor (“DOL”) rule are no longer covered.

The DOL had planned to raise the salary threshold for overtime eligibility, expanding overtime protections to more salaried employees. However, a court decision overturned this rule, keeping the threshold at its lower 2019 level and limiting workers’ access to overtime pay.

What Happened with the Overtime Pay Rule Reversal?

The DOL’s 2024 Overtime Rule was set to raise the salary threshold to $43,888 in July 2024 and $58,656 in January 2025, making more salaried workers eligible for overtime pay. However, on November 15, 2024, the U.S. District Court for the Eastern District of Texas vacated this rule, meaning it’s no longer in effect. Now, the threshold is back to $35,568 annually from the 2019 rule.

This reversal is significant because it affects how many workers qualify for overtime. If you earn less than $35,568, you’re automatically entitled to overtime for hours over 40 per week. But if you earn more, your eligibility depends on your job duties.

How Does The Overtime Pay Rule Reversal Affect You?

If you earn above $35,568, your employer might classify you as exempt from overtime, but this isn’t automatic. You must meet specific job duties, such as managing others or making key decisions, to be exempt. For example, if you’re a salaried worker earning $40,000 and your job is mostly routine, you might still be entitled to overtime pay.

The overtime pay rule reversal could possibly lead to misclassification, where employers wrongly label workers as exempt, denying them overtime.

What Can You Do if You are Wrongfully Denied Overtime?

If you think you’re being denied overtime pay, consider taking these steps:

  • Track Your Hours: Document any overtime you work without extra pay and any related communications.
  • Check Your Status: Assess whether your job involves executive, administrative, or professional duties. If not, you might be non-exempt.
  • Consult a Legal Expert About Filing a Claim: Class action lawsuits can help if many workers face similar violations. Contact a law firm which specializes in wage and hour litigation for a legal consultation and, importantly, to ensure compliance with FLSA’s statute of limitations (typically two years, extendable to three for willful violations).

The DOL’s 2024 Overtime Rule: Context & Legal Challenge

On April 26, 2024, the DOL published a final rule, “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees.”

This rule aimed to update the Fair Labor Standards Act (FLSA) by increasing the salary threshold for overtime exemptions. The phased implementation included:

  • Effective July 1, 2024, raising the threshold to $43,888 annually ($844 per week).
  • Effective January 1, 2025, further increasing it to $58,656 annually ($1,128 per week).
  • Additionally, the highly compensated employee threshold was set to rise to $132,964 on July 1, 2024, and $151,164 on January 1, 2025, with automatic updates every three years starting July 1, 2027.

It was estimated to extend overtime protections to millions of workers, particularly those earning between the previous threshold of $35,568 and the proposed new levels.

See also: Final Rule: Restoring and Extending Overtime Protections and DOL April 23, 2024 News Release.

Court Decision and Overtime Pay Rule Reversal

On November 15, 2024, U.S. District Judge Sean Jordan, Eastern District of Texas, blocked the Biden Administration rule expanding the ability for overtime pay for millions more salaried workers in the United States by ruling that the Department of Labor could not prioritize employee wages over job duties when determining eligibility. Judge Blocks Biden administration’s rule to expand overtime pay for millions.

This decision meant that the rule, including the July 1, 2024 increase, was effectively nullified retroactively.

As a result, the DOL reverted to enforcing the 2019 rule’s thresholds:

  • Minimum salary level: $684 per week, equivalent to $35,568 annually.
  • Highly compensated employee threshold: $107,432 annually.

Lawsuits regarding the 2024 final rule are currently pending in two other federal district courts, and the United States has filed a notice of appeal from the November 15 decision.

Implications for Workers: Are You Affected?

The overtime pay rule reversal has significant implications for workers, particularly those earning between $35,568 and $43,888, who would have been automatically eligible for overtime pay under the 2024 rule’s first phase.

Now, their exemption status depends on meeting certain requirements of the FLSA’s job duties test for executive, administrative, and professional employees, including:

  • Executive Exemption: Managing the enterprise or a department, directing employees, and have the authority to hire and fire other employees.
  • Administrative Exemption: Performing office or non-manual work directly related to management or general business operations, with discretion and independent judgment.
  • Professional Exemption: Work requiring advanced knowledge, typically in a field of science or learning, and involving consistent exercise of discretion.

For example, a store manager earning $40,000 who primarily handles routine tasks like stocking shelves might not meet these criteria and should be non-exempt, entitled to overtime pay.

Employers, however, might misclassify such workers as exempt, especially in the confusion following the rule reversal, leading to potential wage theft.

Misclassification Risks and Wage Theft

The lower salary threshold increases the risk of misclassification, where employers label workers as exempt without meeting the job duties test.

Signs of potential misclassification include:

  • Working over 40 hours weekly without additional compensation.
  • Performing routine tasks without managerial or decision-making authority.
  • Employers not tracking hours worked, assuming salaried status exempts overtime requirements.

Class Action Lawsuits as a Remedy

Employees can file lawsuits under the FLSA to recover unpaid minimum wages and overtime. Successful cases have resulted in significant settlements:

Have You Been Wrongfully Denied Overtime Pay?

The overtime pay rule reversal has created uncertainty, potentially leaving workers vulnerable to misclassification and wage theft. Your rights, however, under the FLSA remain protected. If you believe you’ve been wrongly denied overtime pay by your employer, Kehoe Law Firm is here to help.

Our experienced class action attorneys are dedicated to protecting workers’ rights. For a free, no-obligation evaluation of potential legal claims, send us a message or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected]. 

KLF’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses. 

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a plaintiff-side class action firm, fiercely committed to safeguarding investors and consumers from corporate fraud and misconduct. Nationally recognized, our attorneys have taken the reins as Lead or Co-Lead Counsel in high-profile cases, securing over $10 billion in recoveries for institutional and individual investors and consumers. Through relentless class action litigation, we tackle securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations head-on. Beyond that, we champion whistleblowers and fight against data breaches, consumer scams, employment law abuses, retirement plan mismanagement, and deceptive business practices. With a no-nonsense, results-focused approach, we chase down meaningful outcomes—delivering justice and substantial recoveries for those we represent.

    SEND US A MESSAGE

    Contact Us

    ADDRESS

    Kehoe Law Firm, P.C.
    2001 Market Street
    Suite 2500
    Philadelphia, PA 19103

    PHONE

    Tel: 215-792-6676

    EMAIL

    [email protected]

    Seat Belt Buckle Anchor Bolt – Focus of Recall – 240,510 Ford Explorer & Lincoln Aviator SUVs Potentially Affected

    Feb 22, 2025 | KLF Blog

    Kehoe Law Firm, P.C. is notifying consumers that Ford Motor Company (“Ford”) is recalling certain 2020-2021 Ford Explorer and Lincoln Aviator vehicles.

    The seat belt buckle anchor bolts at one or more seating positions may be improperly secured. Additionally, vehicles may have an improperly secured seat belt retractor anchor bolt and/or seat belt anchor bolt at the second-row center seating position, if equipped.

    A loose seat belt or seat belt buckle may not properly restrain an occupant during a crash, increasing the risk of injury.

    240,510 2020-2021 Ford Explorer and Lincoln Aviator SUVs Potentially Impacted by the Recall

    216,563 Ford Explorer and 23,947 Lincoln Aviator SUVs are the subject of the recall. The recalled vehicles may have an improperly secured seatbelt buckle anchor bolt at one or more seating positions. Vehicles may also have an improperly secured seatbelt retractor anchor bolt and/or seatbelt anchor bolt at the second-row center seating position if equipped.

    Ford is not aware of any reports of accident or injury related to this condition.

    Remedy for Ford Explorer and Lincoln Aviator Vehicle Owners and Lessees Affected by the Recall

    Dealers will inspect seat belt buckle anchor bolts in all seating positions. Additionally, dealers will inspect the seat belt retractor anchor bolt and seat belt anchor bolt at the second-row center seating position, if equipped. If loose anchor bolts are found, the affected seat components will be replaced. Repairs will be performed free of charge.

    Additional Information About the Vehicle Recall 

    More information about the recall can be obtained by clicking the following:

    NHTSA’s Safety Recall Report – 25V-093

    NHTSA Recall Acknowledgement

    Manufacturer Notice to Dealers

    How Do I Know if My Vehicle Has Been Recalled?

    To determine if your vehicle is subject to the recall, please click Check for Recalls to search vehicles, car seats, tires and other equipment for safety recalls, investigations, complaints and manufacturer communication.

    Questions or Concerns About A Vehicle Defect or Safety Recall?

    Vehicle owners and lessess affected by automotive defects or safety recalls are encouraged to contact Kehoe Law Firm, P.C. by sending us a message below or contacting Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], for a free, no-obligation evaluation of potential legal claims.

    Our class action legal services are on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

    About Kehoe Law Firm, P.C. 

    Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and corporate misconduct. Our attorneys have served as Lead or Co-Lead Counsel in cases recovering over $10 billion on behalf of institutional and individual investors and consumers.

    Through class action litigation, we hold corporations accountable for securities fraud, breaches of fiduciary duty, unfair or inadequate mergers and acquisitions, and antitrust violations. We also represent whistleblowers and prosecute data breach, consumer protection, and employment law violations, as well as cases involving retirement plan mismanagement and deceptive business practices. With a results-driven approach, we pursue impactful litigation to achieve meaningful results and recoveries for those we represent.

    bluebird bio – BLUE

    Feb 21, 2025 | Investigations

    Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of bluebird bio, Inc. (NASDAQ:BLUE) regarding the adequacy and fairness of the proposed acquisition of bluebird bio by “funds managed by global investment firms Carlyle (NASDAQ: CG) and SK Capital Partners, LP (‘SK Capital’) in collaboration with a team of highly experienced biotech executives.”

    On February 21, 2025, bluebird bio announced an agreement to be acquired in a deal bluebird bio said is a “transaction [that] is the only viable solution to generate value for stockholders.”

    On this news, bluebird bio’s stock was down more than 38% pre-market on February 21, 2025.  

    Obtain More Information About the Securities Investigation 

    bluebird bio investors are encouraged to can send us a message or complete Kehoe Law Firm’s Stockholder Information Request form to contact an attorney for a free, no-obligation legal evaluation.

    For direct inquiries, bluebird bio shareholders should contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected].

    About Kehoe Law Firm, P.C.

    Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

    Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

    Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses

    SEND US A MESSAGE

    Contact Us

    ADDRESS

    Kehoe Law Firm, P.C.
    2001 Market Street
    Suite 2500
    Philadelphia, PA 19103

    PHONE

    Tel: 215-792-6676

    EMAIL

    [email protected]

    Cardlytics, Inc. – CDLX

    Feb 20, 2025 | Investigations

    Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Cardlytics, Inc. (“Cardlytics” or the “Company”) (NASDAQ:CDLX) who purchased or otherwise acquired Cardlytics stock shares between March 14, 2024 and August 7, 2024, inclusive (the “Class Period”).

    Cardlytics investors who acquired their stock during the Class Period with losses greater than $50,000 are encouraged to send us a message or complete our Kehoe Law Firm’s Stockholder Information Request form to reach an attorney for a free, no-obligation evaluation of potential legal claims.

    Cardlytics Securities Fraud Class Action Lawsuit Allegations

    A securities class action lawsuit has been filed against Cardlytics, alleging violations of federal securities laws. The complaint alleges that throughout the Class Period, the Cardlytics defendants failed to disclose material adverse facts to investors, including that increased consumer engagement led to an increase in consumer incentives; the Company was unable to increase billings in line with increased consumer engagement; and, as a result, there was a significant risk of slowing or declining revenue growth; and changes to its Ads Decision Engine (“ADE”) contributed to the “under-delivery” of budgets and customer billing estimates.

    Cardlytics Investors: Learn More About Your Legal Rights

    Investors with significant losses who acquired Cardlytics stock during the Class Period can contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the securities investigation and receive a free, no-obligation legal evaluation.

    Investors have until March 25, 2025 to petition the Court for appointment as lead plaintiff. The Court typically appoints the investor with the largest financial interest who also meets the adequacy and typicality requirements. Shareholders who wish to discuss the lead plaintiff process should contact us.

    About Kehoe Law Firm, P.C.

    Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

    Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

    Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

     

    SEND US A MESSAGE

    Contact Us

    ADDRESS

    Kehoe Law Firm, P.C.
    2001 Market Street
    Suite 2500
    Philadelphia, PA 19103

    PHONE

    Tel: 215-792-6676

    EMAIL

    [email protected]