NEW YORK, May 09, 2020 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Inovio Pharmaceuticals, Inc. (“Inovio” or the “Company”) (NASDAQ: INO ) 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.
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 rgonnello@faruqilaw.com.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com 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.
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