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Oxfam America has filed a complaint with securities regulators accusing Moderna (MRNA) of providing “misleading statements” and concealing material information about its dispute with the U.S. government over Covid-19 vaccine patents.

Specifically, the advocacy group maintained the company wrongfully described a simmering patent dispute with the National Institutes of Health in its regulatory filings over the past year as theoretical when, in fact, the federal government was threatening litigation. Oxfam contended Moderna should have expressly acknowledged this risk, and that its failure to do so violated securities laws.


“We believe that these deceptive and ambiguous statements were designed to hide damaging information from investors,” the advocacy organization wrote in a 12-page complaint to the Securities and Exchange Commission. Oxfam noted that when the possibility of litigation was disclosed in media reports in mid-November, Moderna stock fell to a five-month low.

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