SHAREHOLDER ALERT: Inovio Pharmaceuticals, Inc. Officers and Directors Under Investigation for Allegedly Misleading Statements Concerning COVID-19 Vaccine
SHAREHOLDER ALERT: Inovio Pharmaceuticals, Inc. Officers and Directors Under Investigation for Allegedly Misleading Statements Concerning COVID-19 Vaccine
PR Newswire
SAN FRANCISCO, April 1, 2020
SAN FRANCISCO, April 1, 2020 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential shareholder derivative claims on behalf of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) ("Inovio" or the "Company"), related to allegedly misleading statements about the company's development of a purported vaccine for the novel coronavirus.
On March 3, 2020, Inovio 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."
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."
Following Citron Research's announcement, Inovio's stock price has dropped precipitously and class actions have been filed against the Company.
The Schubert Firm is investigating potential derivative claims based on harm the Company has suffered as a result of potential breaches of fiduciary duty by the Company's officers and directors related to their roles in announcing Inovio's development of a vaccine for COVID-19. For more information, please visit our website at http://www.classactionlawyers.com/inovio.
If you currently own stock in Inovio and wish to obtain additional information about shareholder claims and your legal rights, please contact us today.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide.
Contact
Willem F. Jonckheer
Schubert Jonckheer & Kolbe
[email protected]
Tel: 415-788-4220
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