Inovio Pharmaceuticals (INO) Investor Settlement

McDermid v. Inovio Pharmaceuticals, Inc., et al.

Inovio agreed to pay $30 million in cash and 7 million in stocks to settle a securities class action with Investors.

The class action alleged that during the period between February 14, 2020, and August 10, 2020, Inovio and its Leaders misled investors through a series of public statements regarding:

• how quickly Inovio had designed and constructed the COVID-19 vaccine candidate;

• Inovio’s capacity to manufacture large quantities,

• the effectiveness of the vaccine candidate,

• and the expected timeline for regulatory approval of the vaccine.

Specifically, the Complaint suspected that the Company capitalized on widespread COVID-19 fears by falsely claiming that Inovio had developed a vaccine. Inovio’s stock price rose significantly in response to these disclosures but plummeted when another company exposed Inovio’s misstatements and called for an SEC investigation.

On August 22, 2022, Inovio and Investors entered into a Stipulation of Settlement.

On August 31, 2022, the Court granted preliminary approval for the Settlement.