Shareholder revolt targets leaders

Posted 7 May 2024 PM

An ugly backlash is brewing over investor frustration relating to Novavax's poor profitability with shareholders being urged to vote against the election of three Board Directors amid suggestions a Big Pharma should take over the company.

Shah Capital Management which owns about 7.5 per cent of the company said it is taking drastic action because it is "deeply concerned by the company's shocking destruction of stockholder value and the market's apparent lack of faith in the direction of the company". Novavax has faced back-to-back hurdles with commercialisation of its Covid vaccine Nuvaxovid with the company teetering on the brink of going under.

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