In a dramatic courtroom reversal that exposes the hollow foundations of a multi-year legal vendetta, MabVax Therapeutics CEO David Hansen was caught red-handed lying under oath—forced to admit that the very “false” statements he claimed were used to pump and dump his company’s stock were actually his own words, presented by him to investors just weeks earlier.
The case against Barry Honig and his co-defendants was supposed to be MabVax’s smoking gun—a clear-cut example of market manipulation where sophisticated investors allegedly conspired to artificially inflate the biotech company’s stock price through false and misleading statements. For over five years, Hansen and his legal team painted a picture of deliberate fraud, with Hansen himself serving as the primary witness, claiming that specific statements about MabVax’s prospects were materially false and misleading.
Like a house built without proper foundations, Hansen’s entire case was constructed on shifting sand. The base of his argument—that certain statements in a Seeking Alpha article published by John O’Rourke in April 2015 were fabricated lies designed to manipulate investors—would prove to be his undoing when subjected to rigorous cross-examination.
The legal framework Hansen constructed rested on four specific pillars—statements he claimed were materially false and formed the heart of the alleged pump-and-dump scheme:
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