Shareholder Alert: Robbins LLP Reminds Investors Inovio Pharmaceuticals, Inc. (INO) Sued for Misleading Shareholders
April 02 2020 - 2:16PM
Business Wire
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 Misleading
Shareholders
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." By this time, COVID-19 had infected more than
120,000 people and caused approximately 4,300 deaths worldwide,
instilling international fear. 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.
Inovio Pharmaceuticals, Inc. (INO) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
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.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200402005748/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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