NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Moore Law, PLLC, a securities and shareholder law firm located in New York City on Wall Street, is investigating potential claims against:
- Maravai LifeSciences (NASDAQ: MRVI)
The investigation concerns alleged false and/or misleading statements and/or failure to disclose that: (i) Maravai lacked adequate internal controls over financial reporting related to revenue recognition; (ii) as a result, Maravai inaccurately recognized revenue on certain transactions during fiscal 2024; and (iii) Maravai’s goodwill was overstated.
On February 25, 2025, Maravai revealed that it was postponing its fiscal 2024 earnings release and would delay filing its annual report, noting that Maravai required additional time to complete its year-end financial close for reasons related primarily to “its assessment of a potential non-cash impairment charge related to goodwill associated with its previous acquisition of Alphazyme LLC,” “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,” and “the effectiveness of its disclosure controls and procedures and internal controls over financial reporting as of December 31, 2024, and any remediation, including with respect to remediation of a material weakness in its internal controls over revenue recognition identified by management.”
On this news, the price of Maravai stock fell nearly 22%.
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