March 25, 2020

Inovio Pharmaceuticals (INO) Shareholder Investigation: Lawsuit Filed

By Guillaume Buell

Thornton Law Firm LLP is investigating a securities class action on behalf of shareholders who purchased the securities of Inovio Pharmaceuticals. The investigation involves possible violations of the federal securities laws.

Inovio shareholders who purchased or acquired Inovio stock (NYSE ticker: INO) between February 14, 2020 and March 9, 2020, that are interested in learning about the lead plaintiff process and their potential rights to recover in a securities class action lawsuit pending against Inovio, are encouraged to contact Thornton Law Firm by emailing or call 617-531-3933.

Interested INO shareholders have until May 12, 2020 to apply to be lead plaintiff. The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member.

According to the lawsuit, Defendants capitalized on widespread COVID-19 fears by falsely claiming that Inovio Pharmaceuticals, Inc. had developed a vaccine for COVID-19. The suit alleges that on February 14, 2020, Inovio CEO J. Joseph Kim appeared on Fox Business News and stated that Inovio had developed a COVID-19 vaccine. It is alleged that two weeks later, following a well-publicized March 2, 2020 meeting with President Trump to discuss the COVID-19 outbreak, Defendant Kim again claimed that Inovio had developed a COVID-19 vaccine. The market allegedly responded favorably to Kim’s statement and Inovio’s stock price more than quadrupled from $4.28 per share on February 28, 2020, and continued to increase in the following weeks, reaching an intra-day high of $19.36 on March 9, 2020.

The lawsuit alleges that Inovio had not developed a COVID-19 vaccine. The lawsuit states that on March 9, 2020, before trading commenced, Citron Research exposed Defendants’ misstatements, calling for an SEC investigation into the Company’s claim. In response, Inovio’s stock price plummeted from its March 9 opening price of $18.72 per share to close at $9.83. The following day, March 10, 2020, Inovio’s stock price fell from its $9.30 per share opening price to close at $5.70 per share.

If you purchased or otherwise acquired Inovio stock (NYSE: INO) between February 14, 2020 and March 9, 2020, you may have a claim for damages. Please contact the Thornton Law Firm’s shareholder rights team by submitting your contact information by emailing or call 617-531-3933.

Thornton Law Firm’s securities attorneys specialize in representing individual shareholders and institutional investors in recovering damages caused by corporate wrongdoing or fraud. Its attorneys have decades of experience litigating securities cases in courts throughout the country and have a proven track record of recovering losses on behalf of shareholders.

Thornton Law Firm LLP is located at One Lincoln St., 13th fl., State Street Financial Center, Boston, MA 02111.
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