WELCOME TO THE INOVIO SECURITIES LITIGATION WEBSITE
This website has been established to provide general information related to the proposed settlement of the lawsuit referred to as McDermid v. Inovio Pharmaceuticals, Inc., et al., No. 2:20-cv-01402-GJP (the “Action”), and pending before the Honorable Gerald J. Pappert in the United States District Court for the Eastern District of Pennsylvania (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement dated August 22, 2022 (the "Stipulation"), which can be found and downloaded by clicking on the Case Documents tab above.
The law firms of Robbins Geller Rudman & Dowd LLP and Saxton & Stump represent you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
This is a securities class action brought by Lead Plaintiff Manuel S. Williams ("Lead Plaintiff") and Representative Plaintiff Andrew Zenoff (collectively, "Plaintiffs") against Inovio Pharmaceuticals, Inc. ("Inovio" or the "Company") and J. Joseph Kim, Peter D. Kies and Robert J. Juba, Jr. (collectively, "Defendants") for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). The Action asserts claims on behalf of all Persons who purchased or otherwise acquired the common stock of Inovio between February 14, 2020 and August 10, 2020, inclusive.
Plaintiffs' claims in the Action are set forth in the Second Amended Consolidated Class Action Complaint for Violation of the Federal Securities Laws filed on February 17, 2022 (the “Complaint”). This Action arises under Sections 10(b) and 20(a) of the Exchange Act, and alleges that during the period between February 14, 2020 and August 10, 2020, inclusive (the “Class Period”) Defendants made materially false and misleading statements about Inovio’s COVID-19 vaccine candidate. More specifically, Plaintiffs allege that during the Class Period Defendants misled investors through a series of public statements regarding how quickly Inovio had designed and/or constructed the vaccine candidate, Inovio’s capacity to manufacture large quantities of the vaccine candidate, the effectiveness of the vaccine candidate, and the expected timeline for regulatory approval of the vaccine candidate, and that these statements allegedly inflated or maintained inflation in Inovio’s stock price. Defendants deny all of Plaintiffs' allegations.
If you purchased or otherwise acquired Inovio common stock between February 14, 2020 and August 10, 2020, inclusive, you are a Class Member. Excluded from the Class are: (a) Defendants; (b) members of the immediate family of any Defendant who is an individual; (c) any person who was an officer or director of Inovio during the Class Period; (d) any firm, trust, corporation, or other entity in which any Defendant has or had a controlling interest; (e) Inovio’s employee retirement and benefit plan(s) and their participants or beneficiaries, to the extent they made purchases through such plan(s); (f) all persons and entities who timely and validly request exclusion from the Class in accordance with the requirements set by the Court in connection with the Notice of Pendency and Proposed Settlement of Class Action ("Notice"); and (g) the legal representatives, affiliates, heirs, successors-in-interest, or assigns of any such excluded person.
WHAT DOES THE SETTLEMENT PROVIDE?
The proposed Settlement will create a cash settlement fund of $30,000,000 in cash and 7,000,000 shares of Inovio common stock (the "Settlement Stock") to be deposited into an Escrow Account (collectively, the “Settlement Amount”), plus any interest that may accrue thereon less certain deductions.
The Settlement Fund, less (a) any taxes, (b) any notice and administration expenses, and (c) any attorneys’ fees and litigation expenses (including any award to Plaintiffs in connection with their representation of the Class) awarded by the Court, will be distributed to Class Members in accordance with a Plan of allocation that is approved by the Court.
Your share of the Net Settlement Fund will depend on several things, including the total dollar amount of claims represented by the valid Proofs of Claim that Class Members send in, compared to the dollar amount of your claim, all as calculated under the Plan of Allocation outlined in the Notice.
ADDITIONAL INFORMATION
Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation. We recommend you read the Notice and other relevant case documents carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
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DO NOTHING
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Get no payment. Remain a Class Member. Give up your rights.
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REMAIN A MEMBER OF THE CLASS AND SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN DECEMBER 19, 2022
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This is the only way to be potentially eligible to receive a payment. If you wish to obtain a payment as a member of the Class, you will need to file a claim form (the "Claim Form" or "Proof of Claim") which is included with the Notice, postmarked no later than December 19, 2022.
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EXCLUDE YOURSELF FROM THE CLASS (OPT OUT) BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 23, 2022
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Receive no payment pursuant to this Settlement. This is the only option that allows you to ever potentially be part of any other lawsuit against any of the Defendants or the other Released Defendant Parties concerning the Released Claims. Should you elect to exclude yourself from the Class, you should understand that Defendants and the other Released Defendant Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose.
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OBJECT TO THE SETTLEMENT SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 23, 2022
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Write to the Court about your view on the Settlement, the Plan of Allocation, or the request for attorneys’ fees and litigation expenses, or why you don’t think the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and litigation expenses is fair to the Class.
If you do not exclude yourself from the Class, you may object to the Settlement, the Plan of Allocation, or the request for attorneys’ fees and litigation expenses. You must still submit a Claim Form in order to be potentially eligible to receive any money from the Settlement Fund. |
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GO TO THE HEARING ON DECEMBER 15, 2022, AT 2:00 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 23, 2022
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Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and litigation expenses.
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IMPORTANT DATES AND DEADLINES
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Submit Proof of Claim
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December 19, 2022
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Request Exclusion
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November 23, 2022
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Submit Written Objection
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November 23, 2022
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Submit Notice of Intent to Appear
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November 23, 2022
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Settlement Hearing
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December 15, 2022, at 2:00 P.M.
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