Apr. 15, 2026
Defense says Armistice Capital trades, not fraud, drove Vaxart stock sales
Defense attorneys argued that hedge fund Armistice Capital followed its typical investment strategy, not a pump-and-dump scheme, in trading Vaxart shares during the COVID-19 biotech surge.
What plaintiffs describe as a pump-and-dump scheme by hedge fund Armistice Capital to exploit biotech investing during the COVID-19 pandemic was simply an example of the firm's investment strategy, the defense said in opening statements Tuesday in a San Francisco securities dispute.
According to investors represented by Steve W. Berman of Hagens Berman Sobol Shapiro LLP, the Armistice Capital founder, Steven Boyd, felt that his investment in Vaxart was losing the race to devel...
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