Robbins Geller acted on behalf of the class.
On February 16, 2021, the Honorable Gerald J. Pappert of the United States District Court for the Eastern District of Pennsylvania denied in part a motion to dismiss in McDermid v. Inovio Pharmaceuticals, Inc..
Inovio is a biotechnology company that purports to rapidly bring to market precisely designed DNA medicines to treat, cure, and/or protect people from infectious diseases. The case alleges that Inovio, CEO J. Joseph Kim, CFO Peter D. Kies, and Vice President Robert J. Juba, Jr. violated the Securities Exchange Act of 1934, and made false and misleading statements regarding the development of the INO-4800 vaccine and the company’s ability to produce one million doses of the vaccine by the close of 2020 and hundreds of millions of doses each year thereafter. Defendants’ false and misleading statements had their intended effect, causing the company’s stock price to trade at over $31.00 per share by June 30, 2020.
The court also upheld plaintiffs’ claims as to defendants’ misleading statements and omissions concerning Inovio’s progress toward producing one million vaccine doses in 2020.
Robbins Geller attorneys Tor Gronborg (Picture), Trig R. Smith, and Matthew J. Balotta obtained this result on behalf of the class.
Law Firms: Robbins Geller Rudman & Dowd;
Clients: McDermid Patrick;