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id: 303, Created by Stan Vick Chase, Scout
Inovio Pharmaceuticals Inc
14 February 2020Class period Start
10 August 2020Class period End
19 December 2022Claim deadline
McDermid 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.
Manuel S. Williams, Andrew Zenoff
Robbins Geller Rudman & Dowd LLP, Saxton & Stump
Eastern District of Pennsylvania
Hon. Gerald J. Pappert
Gilardi & Co LLC
Court hearing date
15 December 2022
+7,000,000 stocksTotal Settlement Amount