SAN FRANCISCO, March 12, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges Inovio Pharmaceuticals, Inc. (NASDAQ: INO) investors who have suffered losses in excess of $100,000 to submit their losses now. The firm is investigating possible securities law violations.
Relevant Holding Period: Before Mar. 10, 2020
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Inovio (INO) Investigation:
The investigation concerns whether Inovio misled investors concerning its INO-4800 coronavirus vaccine.
On Jan. 30, 2020, Inovio announced its collaboration with Beijing Advaccine Biotechnology Co. in developing INO-4800. Shortly thereafter, the Company announced that it would be doubling the size of its at-the-market equity offering from $100 million to $200 million.
On Feb. 11, 2020, Inovio announced that it had developed a vaccine for the novel coronavirus within three hours of gaining access to its genetic sequence. Dr. Trevor Smith, Inovio’s Director of Research and Development, stated, “We have an algorithm which we designed, and we put the DNA sequence into our algorithm and came up with the vaccine in that short amount of time.” For the next several weeks, Inovio repeated this claim, including on Mar. 2, 2020 at the U.S. Coronavirus Task Force meeting at the White House.
Inovio’s stock price skyrocketed nearly 500%, reaching a high of $19.36 on Mar. 9, 2020.
But on Mar. 9, 2020, Citron Research tweeted, “SEC should immediately HALT this stock and investigate the ludicrous and dangerous claim that they designed a vaccine in 3 hours.” On this news, Inovio shares plummeted $4.26, or 30%, erasing over $580 million in shareholder value.
“We’re focused on investors’ losses and whether Inovio falsely promoted INO-4800,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Inovio and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Inovio should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email INO@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895