Maravai LifeSciences(MRVI) Prnewswire·2025-03-19 00:44Core Viewpoint - A class action lawsuit has been filed against Maravai LifeSciences Holdings, Inc. for allegedly misrepresenting its financial condition and revenue recognition practices during a specified period [1][2]. Group 1: Allegations - The lawsuit alleges that Maravai lacked adequate internal controls over financial reporting related to revenue recognition [2] - It is claimed that the company inaccurately recognized revenue on certain transactions during fiscal 2024 [2] - The complaint also states that Maravai's goodwill was overstated, leading to materially misleading statements about the company's business and prospects [2] Group 2: Stock Impact - Following the revelation of an error in revenue recognition and a material weakness in internal controls, Maravai's stock price fell over 21% to close at $3.14 per share on February 25, 2025 [3] Group 3: Class Action Participation - Shareholders interested in serving as lead plaintiffs must file their papers with the court by May 5, 2025 [4] - Shareholders can remain absent class members if they choose not to participate in the case [4] Group 4: Company Background - Maravai LifeSciences is a life sciences company that provides products for drug therapy development, diagnostics, novel vaccines, and research support on human diseases globally [1]