Inovio settles derivative litigation; court preliminarily approves governance reforms and $1.175M fee award

INOVIO PHARMACEUTICALS, INC.

Court preliminarily approved settlement of derivative lawsuit alleging misleading statements on COVID-19 vaccine INO-4800.
Settlement includes corporate governance reforms and $1,175,000 payment for plaintiffs' attorneys' fees, subject to court approval.
Final settlement hearing scheduled for October 11, 2023.
Defendants deny wrongdoing; settlement is without admission of liability.
Governance reforms address internal controls and oversight deficiencies alleged in complaints.

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