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.
