Inovio Pharmaceuticals (INO) Investor Settlement

The settlement funds have been distributed to claimants.

$30,000,000

Cash Settlement

+7,000,000 stocks

Stocks Settlement

E.D. Pennsylvania

Court

2:20-cv-01402

Case number

02/14/2020

Class period Start

08/10/2020

Class period End

12/19/2022

Claim deadline

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. 

Case Type

US Securities Class Action

Case Status

Disbursed

Alleged Offence

Other

Suspected Party

Other

Security Type

Stocks

Trade Direction

Long

Plaintiffs

Manuel S. Williams, Andrew Zenoff

Attorneys

Robbins Geller Rudman & Dowd LLP, Saxton & Stump

Judge

Hon. Gerald J. Pappert

Administrator

Gilardi & Co LLC

Court hearing date

12/15/2022

Trades matching type

FIFO

Disbursement date

11/12/2024

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