Inovio, a biotechnology company, has agreed to pay $44 million to settle a class action lawsuit filed by investors who allege that the company misrepresented its progress on its COVID-19 vaccine candidate, INO-4800. The lawsuit alleges that Inovio made false and misleading statements about the development of INO-4800, including its clinical trial progress, manufacturing capabilities, and regulatory approval prospects.
Inovio has denied any wrongdoing, but has agreed to settle the lawsuit to avoid the cost and uncertainty of further litigation. The settlement will be paid in a mix of cash and stock, and will be distributed to eligible investors who filed claims.
The settlement comes as Inovio has struggled to develop INO-4800. The vaccine candidate failed to meet its primary endpoints in a Phase 3 clinical trial, and Inovio has since announced that it will focus on developing other vaccine candidates.
Q: What is the Inovio lawsuit settlement?
A: The Inovio lawsuit settlement is a $44 million agreement between the company and investors who allege that Inovio misrepresented its progress on its COVID-19 vaccine candidate.
Q: Who is eligible for the Inovio lawsuit settlement?
A: Investors who purchased Inovio stock between March 10, 2020 and March 8, 2021 may be eligible for the settlement.
Q: How much money will I receive from the Inovio lawsuit settlement?
A: The amount of money you will receive from the settlement will depend on a number of factors, including the number of shares of Inovio stock you purchased and the date you purchased them.
Q: When will I receive my settlement payment?
A: Settlement payments are expected to be distributed in early 2024.
Q: How do I file a claim for the Inovio lawsuit settlement?
A: You can file a claim for the settlement online or by mail. The deadline to file a claim is December 19, 2022.
Q: What are my legal rights if I choose not to participate in the Inovio lawsuit settlement?
A: If you choose not to participate in the settlement, you will not be eligible to receive any money from it. However, you will still have the right to pursue individual legal action against Inovio.
The Inovio lawsuit settlement is a significant development for investors who allege that the company misled them about its COVID-19 vaccine candidate. The settlement provides eligible investors with an opportunity to recover some of their losses.
If you are an investor who purchased Inovio stock during the class period, you should carefully review the settlement terms and decide whether to file a claim. You may also want to consult with an attorney to discuss your legal rights and options.
- Inovio Securities Litigation website: http://www.inoviosecuritieslitigation.com/
- Inovio agrees to shell out $44M to settle Covid-19 vaccine lawsuit: https://endpts.com/inovio-agrees-to-shell-out-44m-to-settle-covid-19-vaccine-lawsuit/
- INOVIO Announces Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions: https://ir.inovio.com/news-releases/news-releases-details/2023/INOVIO-Announces-Notice-of-Pendency-and-Proposed-Settlement-of-Stockholder-Derivative-Actions/default.aspx