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Inovio Board Accused of Covid Vaccine Hype, Insider Sales (1)

April 4, 2022, 7:25 PMUpdated: April 4, 2022, 7:57 PM

An Inovio Pharmaceuticals Inc. investor sued members of its board in Delaware, claiming they looked the other way while the company’s chief executive fraudulently hyped its Covid-19 vaccine project, hid major regulatory setbacks, and sold millions worth of stock at inflated prices.

The lawsuit accuses Inovio’s senior leaders of spending months exaggerating the readiness of its vaccine—which the CEO once said it had developed in just three hours—while the board ignored red flags that ultimately delayed a clinical trial by 14 months and “exposed the company to massive liability.”

The false statements included the claim that its “vaccine construct” was ...