Galvin Legal, PLLC is launching an investigation on behalf of investors who suffered losses investing in MabVax Therapeutics Holdings (NASDAQ: MBVX) at the recommendation of their financial advisor. If you suffered losses investing in MabVax Therapeutics Holdings (NASDAQ: MBVX), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim against the brokerage firm that recommended the investment.
On March 21, 2019, San Diego, California based MabVax Therapeutics Holdings (NASDAQ: MBVX) reportedly filed for bankruptcy protection. According to the Wall Street Journal, the company reportedly blamed its deterioration on an alleged pump-and-dump scheme. MabVax Therapeutics Holdings (NASDAQ: MBVX) is a clinical-stage biotechnology company focused on development of antibody-based products to address unmeet medical needs in the treatment of cancer and pancreatitis. MabVax Therapeutics Holdings (NASDAQ: MBVX) has three products in Phase 1 clinical trials, according to reports.
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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