A lawsuit alleging Inovio Pharmaceuticals Inc. misled shareholders about its Covid-19 vaccine development will largely proceed despite the biotech company’s efforts to shoot it down, a federal court in Pennsylvania held.
The U.S. District Court for the Eastern District of Pennsylvania on Tuesday rejected most of Inovio’s attempts to dismiss the case, green-lighting allegations that false or misleading company statements about vaccine progress caused stock prices to drop when the truth was revealed.
The decision comes amid heightened competition for pharmaceutical companies to respond to the coronavirus pandemic.
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