Inovio Pharmaceuticals, Inc.
Company Name | Inovio Pharmaceuticals, Inc. |
Stock Symbol | INO |
Class Period | February 14, 2020 to March 09, 2020 |
Lead Plaintiff Motion Deadline | May 12, 2020 |
On March 3, 2020, Inovio publicized "an accelerated timeline for developing its DNA vaccine INO-4800." The Company’s CEO said that, "[u]sing our modern DNA medicines platform, we designed our DNA vaccine INO-4800 in three hours after the publication of the genetic sequence of the novel coronavirus that causes COVID-19."
Then, on March 9, 2020, Citron Research stated: "SEC should immediately HALT this stock [i.e., Inovio] and investigate the ludicrous and dangerous claim that they designed a vaccine in 3 hours."
On this news, the Company’s share price fell $4.26, or over 30%, to close at $9.83 per share on March 9, 2020, thereby injuring investors.
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