NEW YORK, March 23, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Inovio Pharmaceuticals, Inc. ("Inovio" or the "Company") (NASDAQ: INO) in the United States District Court for the Eastern District of New York on behalf of those who purchased or acquired the securities of Inovio between February 14, 2020 and March 9, 2020, inclusive (the "Class Period").
All investors who purchased shares of Inovio Pharmaceuticals, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Inovio Pharmaceuticals, Inc., you may, no later than May 12, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Inovio Pharmaceuticals, Inc.
The filed Complaint alleges that on February 14, 2020, the Company, through its Chief Executive Officer, J. Joseph Kim, began to represent that it could "rapidly construct" a vaccine for COVID-19 "in a matter of about three hours once we had the DNA sequence from the virus available because of the power of our DNA medicine platform."
On March 3, 2020, the Company announced an accelerated timeline for developing its DNA vaccine. Then, on March 9, 2020, financial analyst Citron Research published an announcement on Twitter that the "SEC should immediately halt [the Company] 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."
On this news, the price of the Company shares declined precipitously, from a high of $19.36 per share on March 9, 2020, to a close of $5.70 on March 10, 2020—a fall of 71% percent.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP