RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Inovio Pharmaceuticals, Inc. ("Inovio" or the "Company") (NASDAQ: INO) securities during the period from February 14, 2020 through March 9, 2020, inclusive (the “Class Period”).
Inovio shareholders may, no later than May 11, 2020, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Inovio and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
The complaint alleges that on February 14, 2020, the Company, through its Chief Executive Officer, J. Joseph Kim, began to represent that it could "rapidly construct" a vaccine for COVID-19 "in a matter of about three hours once we had the DNA sequence from the virus available because of the power of our DNA medicine platform."
On March 3, 2020, the Company announced an accelerated timeline for developing its DNA vaccine. Then, on March 9, 2020, financial analyst Citron Research published an announcement on Twitter that the "SEC should immediately halt [the Company] stock and investigate the ludicrous and dangerous claim that they designed a vaccine in 3 hours. This has been a serial stock promotion for years. This will trade back to $2."
On this news, the price of the Company shares declined precipitously, from a high of $19.36 per share on March 9, 2020, to a close of $5.70 on March 10, 2020—a fall of 71% percent.
If you are a member of the class, you may, no later than May 11, 2020, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.