BOSTON, MA / ACCESSWIRE / April 9, 2020 / Investors interested to be a lead plaintiff in a shareholder lawsuit filed against Inovio Pharmaceuticals (NASDAQ:INO) have until May 12, 2020 to retain an attorney and file the necessary motion papers. There is no minimum number of shares required to be a class member. Shareholders who purchased at least 1,000 shares of INO stock between February 14, 2020 and March 9, 2020 and are interested in serving as a lead plaintiff are encouraged to contact the Thornton Law Firm LLP by visiting https://www.tenlaw.com/cases/INO. Shareholders may also contact the Thornton Law Firm at [email protected], or call 617-531-3917.
FOR MORE INFORMATION, PLEASE VISIT https://www.tenlaw.com/cases/INO.
Interested INO shareholders have until May 12, 2020 to apply to be lead plaintiff. The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Complaint alleges that during the Class Period, Defendants capitalized on widespread COVID-19 fears by falsely claiming that Inovio Pharmaceuticals, Inc. had developed a vaccine for COVID-19. The suit alleges that on February 14, 2020, Inovio CEO J. Joseph Kim appeared on Fox Business News and stated that Inovio had developed a COVID-19 vaccine. It is alleged that two weeks later, following a well-publicized March 2, 2020 meeting with President Trump to discuss the COVID-19 outbreak, Defendant Kim again claimed that Inovio had developed a COVID-19 vaccine. The market allegedly responded favorably to Kim's statement, and Inovio's stock price more than quadrupled from $4.28 per share on February 28, 2020, and continued to increase in the following weeks, reaching an intra-day high of $19.36 on March 9, 2020.
The lawsuit alleges that Inovio had not developed a COVID-19 vaccine. The lawsuit states that on March 9, 2020, before trading commenced, Citron Research exposed Defendants' misstatements, calling for an SEC investigation into the Company's claim. In response, Inovio's stock price plummeted from its March 9 opening price of $18.72 per share to close at $9.83. The following day, March 10, 2020, Inovio's stock price fell from its $9.30 per share opening price to close at $5.70 per share.
If you have purchased at least 1,000 shares of INO stock (NASDAQ:INO), please contact the Thornton Law Firm's shareholder rights team at [email protected], or call 617-531-3917 to discuss the lead plaintiff process.
FOR MORE INFORMATION: https://www.tenlaw.com/cases/INO
Thornton Law Firm's securities attorneys are highly experienced in representing individual shareholders and institutional investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
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SOURCE: Thornton Law Firm LLP