INVESTOR ALERT: Edelson Lechtzin LLP Urges ImmunityBio, Inc. (NASDAQ: IBRX) Shareholders with Substantial Losses to Consider Seeking Leadership in the Securities Fraud Class Action
NEWTOWN, PA, July 11, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of ImmunityBio, Inc. (“ImmunityBio”) (NASDAQ: IBRX) common stock between May 23, 2022, and May 10, 2023 (the “Class Period”).
Investors who purchased ImmunityBio common stock may move the U.S. District Court for the Southern District of California to appoint them as lead plaintiff, no later than August 29, 2023. Current holders of ImmunityBio stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on ImmunityBio, Inc.
ImmunityBio is a biotechnology company currently in the clinical development stage with a focus on creating therapies and vaccines that bolster the immune system in the fight against infectious diseases and cancers across Europe and the United States. The company provides a range of immunotherapy and cell therapy platforms, including the antibody cytokine fusion protein N-803, which is often referred to as “Anktiva”. To bring these product candidates to market, ImmunityBio works with third-party contract manufacturing organizations (CMOs), including those responsible for the creation of Anktiva.
The Securities Fraud Claims
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements regarding the Company’s business, operations, and prospects and/or failed to disclose to investors that: (i) ImmunityBio conducted insufficient due diligence to discover, or else did discover and ignored, GMP deficiencies at its third-party CMOs for Anktiva; (ii) one or more of ImmunityBio’s third-party CMOs for Anktiva did, in fact, suffer from GMP deficiencies; (iii) the foregoing deficiencies was likely to cause the FDA to reject the Anktiva BLA in its present form; and (iv) as a result, ImmunityBio overstated the regulatory approval prospects for the Anktiva BLA.
On May 11, 2023, during pre-market hours, ImmunityBio announced that the FDA had rejected the BLA for Anktiva in its present form, citing “deficiencies relating to the FDA’s pre-license inspection of the Company’s third-party contract manufacturing organizations.” On this news, ImmunityBio’s common stock fell $3.43 per share, or 55.14%, to close at $2.79 per share on May 11, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and data breaches.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.