A lawsuit was filed on behalf of investors in Inovio Pharmaceuticals, Inc. (NASDAQ: INO) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/25/2020 -- An investor, who purchased NASDAQ: INO, filed a lawsuit over alleged violations of Federal Securities Laws by Inovio Pharmaceuticals, Inc..
Investors who purchased shares of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) 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 at firstname.lastname@example.org or call +1(858) 779 - 1554.
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 high 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.
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.
Those who purchased shares of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) have certain options and should contact the Shareholders Foundation.
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