New York, New York--(Newsfile Corp. - March 27, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Inovio Pharmaceuticals, Inc. (NASDAQ: INO) ("Inovio" or the "Company") of the May 12, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi logo
If you invested in Inovio stock or options between February 14, 2020 and March 9, 2020 and would like to discuss your legal rights, click here: http://www.faruqilaw.com/INO. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all those who purchased Inovio common stock between February 14, 2020 and March 9, 2020 (the "Class Period"). The case, McDermid v. Inovio Pharmaceuticals, Inc. et al., No. 2:20-cv-01402 was filed on March 12, 2020, and has been assigned to Judge Gerald J. Pappert.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements about the Company's development of a purported vaccine for the novel coronavirus and its ability to begin human trials as early as April 2020.
On March 9, 2020, Citron Research published the following statement on Twitter about the Company: "SEC should immediately HALT this stock and investigate the ludicrous and dangerous claim that they designed a vaccine in 3 hours. This has been a serial stock promotion for years. This will trade back to $2 investors have been warned."
On this news, the Company's stock price fell from an intraday high of $19.36 per share on March 9, 2020 to a close of $5.70 per share on March 10, 2020: a $13.66 or 70.56% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Inovio's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53865