Mar 16, 2020 | Securities Class Action Archive
Inovio Pharmaceuticals, Inc. – Class Action Lawsuit Filed Against INO On Behalf of Inovio Investors Who Purchased, Or Otherwise Acquired, Inovio Common Stock Between February 14, 2020 and March 9, 2020, Inclusive (the “Class Period”)
Inovio Investors Who Purchased INO Securities During the Class Period Between February 14, 2020 and March 9, 2020, Inclusive, And Suffered Losses Are Encouraged to Contact Kehoe Law Firm, P.C. To Discuss Potential Legal Claims
Kehoe Law Firm, P.C. is making investors aware that it is conducting a securities investigation on behalf of investors of Inovio Pharmaceuticals, Inc. On March 12, 2020, a class action lawsuit was filed against Inovio Pharmaceuticals (“Inovio” or the “Company”) and Inovio executive J. Joseph Kim (“Kim”) in United States District Court, Eastern District of Pennsylvania, on behalf of all persons who purchased, or otherwise acquired, Inovio common stock (NASDAQ: INO) between the Class Period of February 14, 2020 and March 9, 2020, inclusive. The Plaintiff alleges that Inovio and Kim made false and misleading statements in violation of the federal securities laws.
Inovio Defendants Allegedly Capitalized on COVID-19 Fears by Falsely Claiming Development of Coronavirus Vaccine – On News of Citron Research Report, Inovio Stock Price Dropped Significantly
According to the class action complaint,
. . . Inovio purports to be a ‘biotechnology company focused on rapidly bringing to market precisely designed DNA medicines to treat, cure and/or protect people from . . . infectious diseases.’ During the Class Period, Defendants capitalized on widespread COVID-19 fears by falsely claiming that Invovio had developed a vaccine for COVID-19. First, on February 14, 2020, Inovio CEO Kim appeared on Fox Business News with Neal Cavuto and stated that Inovio had developed a COVID-19 vaccine ‘in a matter of about three hours once we had the DNA sequence from the virus’ and ‘our goal is to start phase one human testing in the U.S. early this summer.’ In response, Inovio’s stock price rose more than 10% over the next few trading days, on enormous trading volume.
Two weeks later, following a well-publicized March 2, 2020 meeting with President Trump to discuss the COVID-19 outbreak, Defendant Kim again claimed that Inovio had developed a COVID-19 vaccine, stating ‘we were able to fully construct our vaccine within three hours . . . . Our plan is to start [U.S. based COVID-19 trials] in April of this year.’ The market responded favorably to Kim’s statement and Inovio’s stock price more than quadrupled from $4.28 per share on February 28, 2020, and continued to increase in the following weeks, reaching an intra-day high of $19.36 on March 9, 2020.
However, in truth, Inovio had not developed a COVID-19 vaccine. On March 9, 2020, before trading commenced, Citron Research (‘Citron’) exposed Defendants’ misstatements, calling for an SEC investigation into the Company’s ‘ludicrous and dangerous claim that they designed a [COVID-19] vaccine in 3 hours.’ In response to the news, Inovio’s stock price plummeted from its March 9 opening price of $18.72 per share to close at $9.83. The following day, March 10, 2020, Inovio’s stock price fell from its $9.30 per share opening price to close at $5.70 per share. The two-day drop wiped out approximately $643 million in market capitalization for the Company, marking a 71% decline from its Class Period high. In a message to shareholders that same day, Inovio attempted to blunt the Citron revelations but only highlighted its own misstatements, admitting that it had not developed a COVID-19 vaccine but rather had merely ‘designed a vaccine construct‘ – i.e., a precursor for a vaccine – and that it believed it had a ‘viable approach to address the COVID-19 outbreak.’ [Emphasis in original.]
According to the class action complaint, certain statements made by the Inovio Pharmaceuticals’ Defendants
. . . were materially false and misleading and omitted to disclose material information. Specifically, Defendants falsely described their product as a fully completed vaccine when it was nothing of the sort. Defendants falsely claimed they had developed the vaccine in a matter of hours, which is a scientific impossibility. And Defendants falsely stated that they would be able to begin human trials in April 2020 when they had no reason to believe that they would have the necessary regulatory approval to do so. [Emphasis added.]
Additionally, the complaint alleges that the Inovio Defendants knew, or in reckless disregard for the truth should have known, that at the time the Company made certain statements that “Inovio had not developed a vaccine for COVID-19, that such a vaccine could not be developed in a matter of hours, and that trials were not likely to begin in April 2020.”
Inovio Investors Who Purchased, Or Otherwise Acquired, INO Securities During The Class Period and Suffered Losses
Inovio investors who purchased, or otherwise acquired, the publicly-traded securities of Inovio Pharmaceuticals during the Class Period between February 14, 2020 and March 9, 2020, inclusive, and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to learn more about the Inovio securities investigation or potential legal claims.
Mar 16, 2020 | Consumer Protection, Employment & Technology Archive
Norwegian Cruise Lines’ Alleged False and Misleading Statements Regarding Cornavirus (COVID-19) Subject of Class Action Lawsuit
Norwegian Cruise Line Investors Who Purchased, Or Otherwise Acquired, Shares of NCLH During the Class Period Between February 20, 2020 and March 12, 2020, Inclusive, Are Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating securities claims on behalf of investors of Norwegian Cruise Lines and is making investors aware that on March 12, 2020, a class action lawsuit was filed in United States District Court, Southern District of Florida, against Norwegian Cruise Lines (“Norwegian” or the “Company”) (NYSE: NCLH) and certain Company executives on behalf of investors of Norwegian Cruise Lines who purchased, or otherwise acquired, the publicly-traded securities of Norwegian from February 20, 2020 through March 12, 2020, inclusive (the “Class Period”).
The class action lawsuit seeks to recover compensable damages for Norwegian shareholders who suffered losses as a result of the Defendants’ alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
NCLH Stock Drops On News Of Miami New Times Article: “Leaked Emails: Norwegian Pressures Sales Team to Mislead Potential Customers About Coronavirus”
According to the class action complaint:
On March 11, 2020, Miami New Times reported in the article “Leaked Emails: Norwegian Pressures Sales Team to Mislead Potential Customers About Coronavirus” that leaked emails from a Norwegian employee showed that the Company directed its sales staff to lie to customers regarding COVID-19. The article stated, in pertinent part:
In the wake of the epidemic, a Norwegian Cruise Line (NCL) employee in South Florida tells New Times some managers have asked sales staff to lie to customers about COVID-19 to protect the company’s bookings.
* * *
Emails leaked to [Miami New Times] show that a senior sales manager at NCL’s Miami office came up with canned responses for the sales team to use if potential customers expressed concerns about COVID-19.
* * *
Some of the lines in the script pressure a fictitious customer to book a cruise immediately to avoid paying more later. “Mr Becker,” the line reads, “due to the Coronavirus we have cancelled all of our Asia cruises on the Norwegian Spirit. This has caused a huge surge in demand for all of our other itineraries. I suggest we secure your reservation today to avoid you paying more tomorrow.” (News reports, on the other hand, suggest cruise lines are suffering from a spate of canceled trips rather than experiencing high demand. NCL’s stock price has fallen more than 35 percent in recent days.)
Other script lines simply reassure customers not to be afraid.
“The only thing you need to worry about for your cruise is do you have enough sunscreen?” one of the suggested talking points reads.
Some of the recommended responses are blatantly false. For instance, cruise bookers were instructed to tell potential customers that coronavirus is not a concern in warm Caribbean climates.
“The Coronavirus can only survive in cold temperatures, so the Caribbean is a fantastic choice for your next cruise,” one talking point reads.
“Scientists and medical professionals have confirmed that the warm weather of the spring will be the end of the Coronavirus,” reads a second.
Another line says coronavirus “cannot live in the amazingly warm and tropical temperatures that your cruise will be sailing to.”
According to the class action complaint,
. . . the Miami New Times article revealed the financial impact the COVID-19 outbreak was causing on the Company and its employees, stating in part:
“We are hardly selling anything,” the employee says. “Sales are at serious lows.”
Members of the sales team lose any commission on a booking if the cruise is canceled, according to the employee. They are required to meet daily quotas — about 150 calls to potential customers, five hours on the phone, and three to five bookings.
“If you don’t hit quota, you will absolutely be fired,” the employee says. “No exceptions for [the] current virus situation. You may be put on a personal improvement plan for 30 days, but [that] basically means you’re done.”
The employee says managers are trying to downplay the disruption in sales “at all costs.”
[Emphasis added.]
On March 11, 2020, Norwegian’s stock shares, according to the class action complaint, dropped $5.47 per share, or approximately 26.7%, on this news.
NCHL Stock Drops On News Of Washington Post Article: “Norwegian Cruise Line managers urged salespeople to spread falsehood about coronavirus”
According to the class action complaint:
On March 12, 2020, [The] Washington Post published the article, “Norwegian Cruise Line managers urged salespeople to spread falsehoods about coronavirus.” The article revealed even more about Norwegian’s sales tactics from leaked internal memoranda including dangerous statements such as:
“Focusing all of your attention is actually illogical, especially when we live in a world of daily threats and dangers anyhow,” the manager wrote under the headline “The coronavirus will not affect you.” “Fact: Coronavirus in humans is an overhyped pandemic scare.”
[The] Washington Post article also disclosed Company executive’s reaction to the leaked memorandum, including:
The whistleblower told The Post that company leaders are trying to find out who shared the emails. In one email sent Monday evening, after a [Miami New Times] journalist contacted the company, an executive wrote, “One of our own ratted.” [Emphasis added in original].
On March 12, 2020, Norwegian’s stock shares, according to the class action complaint, dropped another $5.38, or approximately 35.8%, on this news.
Norwegian Cruise Line Investors Who Purchased, Or Otherwise Acquired, NCLH Securities During The Class Period and Suffered Losses
Norwegian Cruise Line investors who purchased, or otherwise acquired, the publicly-traded securities of Norwegian during the Class Period between February 20, 2020 and March 12, 2020, inclusive, and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to learn more about the Norwegian Cruise Lines securities investigation or potential legal claims.
Mar 15, 2020 | Consumer Protection, Employment & Technology Archive
Kehoe Law Firm, P.C. is making consumers aware of the following Telephone Consumer Protection Act (“TCPA”) class action lawsuit filing:
CMRE Financial Services, Inc.
Class action lawsuit filed on March 13, 2020 in United States District Court, Southern District of California, against CMRE Financial Services, Inc.
According to the class action complaint, the Plaintiff “incurred financial obligations” to Rady Children’s Hospital sometime before June 5, 2019. The Plaintiff’s debts, however, including the debt to Rady’s Children’s Hospital, were, allegedly, discharged in approximately December of 2018. Thus, after December 2018, the Plaintiff, according to the complaint, neither had an account nor an existing debt with the hospital.
Despite the discharge of Plaintiff’s debts, the discharged debt to Rady Children’s Hospital, allegedly, “was assigned, placed, or otherwise transferred to [CMRE Financial Services] for collection purposes,” and “[o]n or around June 5, 2019 . . . [CMRE Financial Services] called Plaintiff’s cellular telephone from . . . (800) 783-9118.”
According to the complaint, when Plaintiff answered Plaintiff’s cell phone, “there was a noticeable delay before Defendant’s representative, agent, or employee joined the call,” and “[d]uring the June 5, 2019 call, [CMRE Financial Services’] representative told Plaintiff that he or she was calling from CMRE.”
The call to Plaintiff, allegedly, was made without “prior express consent to receive calls from an [automated telephone dialing system]”; “was unsolicited and not in response to an inquiry from Plaintiff”; and “was not in connection with any existing debt.”
Do You Believe You Are a Victim of Illegal Robocalls, Text Messages, “Junk” Faxes or Telemarketing Sales Calls?
If you have received illegal robocalls, text messages, “junk” faxes or telemarketing sales calls, you may be able to recover at least $500 for each illegal call, text or fax you received and, possibly, as much as $1,500 for each illegal call, text message or facsimile that was made either willfully or knowingly in violation of the Telephone Consumer Protection Act.
To help evaluate your potential legal claims under the Telephone Consumer Protection Act, please complete KLF’s confidential Robocall Questionnaire or, if you prefer to speak with an attorney, please complete the form above on the right, e-mail [email protected] or contact Michael Yarnoff, Esq., [email protected], (215) 792-6676, Ext. 804, for a free, no-obligation evaluation of your potential legal rights.
Mar 12, 2020 | Consumer Protection, Employment & Technology Archive
Kehoe Law Firm, P.C. is making consumers aware of the following Telephone Consumer Protection Act (“TCPA”) class action lawsuit filings:
National Contract Solutions, Inc.
Class action lawsuit filed on March 11, 2020 in United States District Court, Eastern District of California, against National Contract Solutions and other defendants, as of yet unknown. Allegedly, National Contract Solutions contacted the Plaintiff from telephone numbers (925) 324-9930 and (404) 566-9026, in an effort “to solicit Plaintiff to purchase Defendant’s services.”
P.B.R. Management Inc.
Class action lawsuit filed on March 11, 2020 in United States District Court, Central District of California, against P.B.R. Management Inc. Allegedly, P.B.R. Management contacted the Plaintiff on Plaintiff’s “cellular telephone with two pre-recorded messages promoting its marketing services.”
Do You Believe You Are a Victim of Illegal Robocalls, Text Messages, “Junk” Faxes or Telemarketing Sales Calls?
If you have received illegal robocalls, text messages, “junk” faxes or telemarketing sales calls, you may be able to recover at least $500 for each illegal call, text or fax you received and, possibly, as much as $1,500 for each illegal call, text message or facsimile that was made either willfully or knowingly in violation of the Telephone Consumer Protection Act.
To help evaluate your potential legal claims under the Telephone Consumer Protection Act, please complete KLF’s confidential Robocall Questionnaire or, if you prefer to speak with an attorney, please complete the form above on the right, e-mail [email protected] or contact Michael Yarnoff, Esq., [email protected], (215) 792-6676, Ext. 804, for a free, no-obligation evaluation of your potential legal rights.
Mar 11, 2020 | Consumer Protection, Employment & Technology Archive
Initial Round of Refunds Of $153 Million Being Distributed to Consumers As a Result of Multi-Agency, Law Enforcement Case Against Western Union
Kehoe Law Firm, P.C. is making consumers aware that on March 10, 2020, the FTC reported that approximately $153 million is being mailed to 109,000 consumers in the first distribution of refunds resulting from the law enforcement actions brought against Western Union by the FTC, the U.S. Department of Justice (“DOJ”), and the U.S. Postal Inspection Service. The affected consumers are receiving compensation for 100 percent of their losses.
The FTC’s complaint against Western Union alleged that for many years, Western Union was aware that fraudsters around the world used the company’s money transfer system to bilk consumers, and that some Western Union agents were complicit in the frauds. The FTC’s complaint alleged that Western Union failed to put in place effective anti-fraud policies and procedures and to act promptly against problem agents.
The company’s settlement with the FTC required Western Union to pay $586 million in monetary relief. That money was paid to DOJ in connection with Western Union’s joint settlement with that agency. DOJ’s Money Laundering and Asset Recovery Section is administering the consumer refund program. This distribution is the first of multiple payments over the coming months to consumers who lost money due to Western Union’s actions.
More information about the Western Union refund program and its compensation to victims is available on the Western Union remission website at www.westernunionremission.com. Further questions may be directed to the Western Union Remission Administrator by phone at 844-319-2124 or by email at [email protected].
Source: Federal Trade Commission, FTC.gov
