Inovio Pharmaceuticals, Inc. (NASDAQ: INO) Investor Securities Class Action Lawsuit 03/13/2020

If you purchased a significant amount of shares of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) between February 14, 2020 and March 9, 2020, and / or if you purchased any NASDAQ: INO shares prior to February 2020 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: May 12, 2020. NASDAQ: INO investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Inovio Pharmaceuticals
Case Name: 
Inovio Pharmaceuticals Shareholder Class Action Lawsuit 03/13/2020
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: INO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/13/2020
Class Period Begin: 
02/14/2020
Class Period End: 
03/09/2020
Court of Filing: 
U.S. District Court for the Eastern District of Pennsylvania
Deadline To File for Lead: 
05/12/2020
Summary: 

An investor in shares of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by Inovio Pharmaceuticals, Inc. in connection with certain allegedly false and misleading statements made between February 14, 2020 and March 9, 2020.

Plymouth Meeting, PA based Inovio Pharmaceuticals, Inc., a late-stage biotechnology company, focuses on the discovery, development, and commercialization of DNA-based immunotherapies and vaccines to prevent and treat cancers and infectious diseases. Inovio Pharmaceuticals, Inc. reported that its annual Total Revenue declined from $42.22 million in 2017 to $30.48 million in 2018 and that its Net Loss increased from $88.20 million in 2017 to $96.96 million in 2018.

On March 3, 2020, Inovio Pharmaceuticals, Inc. issued a press release entitled “Inovio Accelerates Timeline for COVID-19 DNA Vaccine INO-4800.” The press release quoted Dr. J. Joseph Kim, Inovio’s President and Chief Financial Officer, stating that Inovio was “the only company with a Phase 2 vaccine for a related coronavirus that causes Middle East Respiratory Syndrome (MERS)” and that “[u]sing our modern DNA medicines platform, we designed our DNA vaccine INO-4800 in three hours after the publication of the genetic sequence of the novel coronavirus that causes COVID-19.”
Shares of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) jumped from $4.50 per share on March 2, 2020 to as hiw as 19.36 per share on March 9, 2020.

Then, on March 9, 2020, Citron Research stated via Twitter that the “SEC should immediately HALT this stock [i.e., Inovio] and investigate the ludicrous and dangerous claim that they designed a vaccine in 3 hours.”

Shares of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) declined to as low as $5.50 per share on March 10, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) common shares between February 14, 2020 and March 9, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 14, 2020 and March 9, 2020, Inovio made misleading statements about the company’s development of a purported vaccine for the novel coronavirus, artificially inflating the company’s share price and resulting in significant investor losses.