Maravai LifeSciences Holdings, Inc. (MRVI) Shares Fall 21% After Delaying Q4 and FY 2024 Earnings Release, Admitting to Improper Revenue Recognition - Hagens Berman

Core Viewpoint - Maravai LifeSciences experienced a significant share price drop of 21% following the announcement of a delay in its Q4 and FY 2024 earnings release, raising concerns about its financial reporting and internal controls [1][3]. Financial Reporting Issues - The company is assessing a goodwill impairment charge related to a previous acquisition [3]. - Maravai acknowledged an overstatement of Q2 2024 revenue by approximately $3.9 million due to improper revenue recognition practices [3]. - The company is evaluating the adequacy of its internal controls over financial reporting, particularly concerning revenue recognition [3]. Market Reaction - Following the announcement, an analyst from Baird downgraded Maravai's rating from outperform to neutral and reduced the price target from $9 to $3 [4]. - The news prompted an investigation by Hagens Berman into potential accounting misconduct, urging affected investors to report their losses [2][4].