Inovio Executives Under Investigation for Statements About COVID-19 Vaccine

Schubert Jonckheer & Kolbe is investigating potential shareholder derivative claims on behalf of Inovio Pharmaceuticals, Inc. (NASDAQ: INO), related to allegedly misleading statements about the company’s development of a purported vaccine for the novel coronavirus.

On March 3, 2020, Inovio issued a press release entitled “Inovio Accelerates Timeline for COVID-19 DNA Vaccine INO-4800.” The press release quoted Dr. J. Joseph Kim, Inovio’s President and Chief Financial Officer, stating that Inovio was “the only company with a Phase 2 vaccine for a related coronavirus that causes Middle East Respiratory Syndrome (MERS)” and 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 via Twitter that the “SEC should immediately HALT this stock [i.e., Inovio] and investigate the ludicrous and dangerous claim that they designed a vaccine in 3 hours.”

Following Citron Research’s announcement, Inovio’s stock price has dropped precipitously, and class actions have been filed against the company.

We are investigating potential derivative claims based on harm the company has suffered as a result potential breaches of fiduciary duty by the Inovio’s officers and directors related to their roles in announcing its development of a vaccine for COVID-19.

If you currently own Inovio stock and wish to obtain additional information—or would like to participate in a potential shareholder derivative action—please complete the form below for a free legal consultation.