What’s the Problem?
The class action alleges that Joseph Kim, founder of VGX Pharmaceuticals LLC and CEO of Inovio, falsely claimed on FOX News with Neal Cavuto on Feb. 14, 2020, that his company had developed a vaccine for the Coronavirus.
Kim later met with President Trump, telling him that Inovio was “able to fully construct our vaccine within three hours,” and that the company had scheduled U.S. based COVID-19 trials for April 2020, according to the lawsuit.
Shares of Inovio quadrupled following news of these claims, with the company selling $50 million in shares beginning on March 9. However, that same day, a company called Citron Research exposed the false and misleading statements made by Kim and called for an SEC investigation of Inovio, the complaint states.
Kim backpedaled on his earlier remarks, saying that Inovio had “designed a vaccine construct” which he believed had a “viable approach to address the COVID-19 outbreak,” according to the class action.
The complaint further alleges that the defendants knew or should have known that their statements about developing a vaccine for the Coronavirus were not true, that a vaccine could not have been developed in a matter of hours, and that trials would not begin in April 2020.
“Given the heightened anxiety surrounding this pandemic and the desperate demand for an effective COVID-19 vaccine, Defendants knew and were deliberately reckless as to the falsity of their claims,” the lawsuit states.
The class action is: McDermid v. Inovio Pharmaceuticals, et al., Case No. 2:20-cv-01402, in the U.S. District Court for the Eastern District of Pennsylvania.
Racing to Make a COVID-19 Vaccine: NBC New York Video
Do I Have an Inovio Coronavirus Vaccine Lawsuit?
The Product Liability Litigation Group at our law firm is an experienced team of trial lawyers that focus on the representation of plaintiffs in Inovio Lawsuits. We are handling individual litigation nationwide and currently accepting new false Coronavirus vaccine cases in all 50 states.
If you or a loved one has been injured, you should contact our law firm immediately. You may be entitled to a settlement by filing a suit and we can help.