Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of shareholders of Inovio Pharmaceuticals who purchased shares between February 14, 2020 and March 9, 2020.
Inovio and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 9, 2020, pre-market, Citron Research published a statement highlighting the Company’s “ludicrous and dangerous claim that they designed a [COVID-19] vaccine in 3 hours” and calling for an SEC investigation into the claims.
On this news, the price of Inovio’s shares plummeted damaging investors, closing at $5.70 per share on March 10, 2020, a drop of 71%.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 11, 2020 to request that the court appoint them lead plaintiff.