NEW YORK, March 16, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston 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”).  The lawsuit seeks to recover damages for Inovio investors under the federal securities laws.

The Complaint alleges that on February 14, 2020, the Company, through its CEO J. Joseph Kim, began to represent that it could “rapidly construct” a vaccine to 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.

Investors who purchased or otherwise acquired shares of Inovio during the Class Period should contact the Firm prior to the May 12, 2020 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

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