INO.US
id: 303, Created by Stan Vick, Scout
Inovio Pharmaceuticals Inc
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- Company agreed to pay compensation to its investors, to avoid further litigation
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Claim payout
E.D. Pennsylvania
Court14 Feb 2020
Class period Start10 Aug 2020
Class period End19 Dec 2022
Claim deadlineMcDermid v. Inovio Pharmaceuticals, Inc., et al.
Inovio agreed to pay $30 million in cash and 7 million in stocks to settle a securities class action with Investors.
The class action alleged that during the period between February 14, 2020, and August 10, 2020, Inovio and its Leaders misled investors through a series of public statements regarding:
- how quickly Inovio had designed and constructed the COVID-19 vaccine candidate;
- Inovio’s capacity to manufacture large quantities,
- the effectiveness of the vaccine candidate,
- and the expected timeline for regulatory approval of the vaccine.
Specifically, the Complaint suspected that the Company capitalized on widespread COVID-19 fears by falsely claiming that Inovio had developed a vaccine. Inovio’s stock price rose significantly in response to these disclosures but plummeted when another company exposed Inovio’s misstatements and called for an SEC investigation.
On August 22, 2022, Inovio and Investors entered into a Stipulation of Settlement.
On August 31, 2022, the Court granted preliminary approval for the Settlement.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Lead plaintiff
Manuel S. Williams, Andrew Zenoff
Attorney
Robbins Geller Rudman & Dowd LLP, Saxton & Stump
Judge
Hon. Gerald J. Pappert
Administrator
Gilardi & Co LLC
Court hearing date
15 December 2022
+$30,000,000
+7,000,000 stocks
Total Settlement Amount