Shareholder rights law firm Robbins LLP reminds investors that a purchaser of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between February 14, 2020 and March 9, 2020. Inovio is a late-stage biotechnology Company that focuses on the discovery, development, and commercialization of DNA-based immunotherapies and vaccines.
If you suffered a loss as a result of Inovio's misconduct, click here.
Inovio Pharmaceuticals, Inc. (INO) Accused of False COVID-19 Vaccine Claims
According to the complaint, on March 11, 2020, the World Health Organization ("WHO") declared the coronavirus COVID-19 outbreak a global "pandemic" due to its extraordinary "speed and scale of transmission." In response to mounting public concern, on February 14, 2020, Inovio's CEO announced on national news that the Company had developed a COVID-19 vaccine "in a matter of about three hours" and re-affirmed this statement two weeks later in a well-publicized meeting with President Trump. As a result, Inovio's stock price more than quadrupled. However, contrary to these claims, on March 9, 2020, Citron Research exposed Invoio's misstatements, calling for an SEC investigation into Inovio's "dangerous claim that they designed a [COVID-19] vaccine in 3 hours." Consequently, Inovio admitted the Company had not developed a COVID-19 vaccine but rather a "vaccine construct." On this news, Inovio's stock price declined to a mere $5.70 per share, representing a 71% decline from the Company's class period high of $19.36 per share.
If you purchased Inovio Pharmaceuticals, Inc. (INO) securities between February 14, 2020 and March 9, 2020, you have until May 12, 2020, to ask the court to be appointed lead plaintiff for the class.
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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