In­ovio agrees to shell out $44M to set­tle Covid-19 vac­cine law­suit

Three months af­ter bring­ing on a new CEO, In­ovio has reached a set­tle­ment with in­vestors over ac­cu­sa­tions that it ex­ag­ger­at­ed progress on its Covid-19 vac­cine can­di­date.

The biotech, once claim­ing to be at the heart of Op­er­a­tion Warp Speed, has agreed to shell out $44 mil­lion in a mix of cash and stock to end a class ac­tion law­suit in which in­vestors al­leged that the com­pa­ny mis­rep­re­sent­ed its ef­forts on INO-4800, caus­ing the biotech’s share price to plunge.

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