Inovio Pharmaceuticals Inc (INO)

[Stakena31]

On April 13, 2020, before the market opened, SCWorx announced that it had received a committed purchase order of two million COVID-19 rapid testing kits, “with provision for additional weekly orders of 2 million units for 23 weeks, valued at $35M per week.”
On this news, the Company’s share price increased by $9.77, to close at $12.02 per share on April 13, 2020.
Then, on April 17, 2020, Hindenburg Research issued a report doubting the validity of the deal, calling it "completely bogus," considering Chief Executive Officer Marc Schessel's checkered past, questionable credibility of supplier Promedical, and the relatively small size of its client Rethink My Healthcare.


As with the rest they were suspended for making false claims that they realistically could not deliver on.