Westlaw News

MabVax execs sued by investor who settled stock manipulation claims

An investor who previously settled allegations by the U.S. Securities and Exchange Commission that he manipulated the stock of biotech company MabVax Therapeutics Holdings Inc has now sued two top executives of the defunct firm, claiming they defrauded him in order to support their own “staggeringly high compensation.”

In a complaint filed Tuesday in Manhattan federal court, Florida investor Barry Honig, represented by Michael Sommer of Wilson Sonsini Goodrich & Rosati, accused MabVax CEO David Hansen and CFO Gregory Hanson of violating the federal Securities Exchange Act and also made common law fraud and breach of fiduciary duty allegations.

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