Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against ImmunityBio, Inc. (“ImmunityBio” or “the Company) (NASDAQ: IBRX) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that held, purchased, or otherwise acquired ImmunityBio securities from March 23, 2022, through May 10, 2023 (the “Class Period”). Investors who acquired Immunity securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is August 29, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased ImmunityBio securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST IMMUNITYBIO, INC.
In May 2022, ImmunityBio submitted a Biologics License Application (BLA) for Anktiva to the U.S. Food and Drug Administration (FDA). Following submission of its application, ImmunityBio consistently assured investors that they had established Good Manufacturing Practice (GMP) manufacturing capacity at scale with cutting-edge cell manufacturing expertise and ready-to-scale facilities. The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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 the Company’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; (iv) accordingly, the Company overstated the regulatory approval prospects for the Anktiva BLA; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times. 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 relat[ing] to the FDAs pre-license inspection of the Company’s third-party contract manufacturing organizations. On this news, ImmunityBio’s stock price fell $3.43 per share, or 55.14%, to close at $2.79 per share on May 11, 2023.
ABOUT IMMUNITYBIO, INC.
What is ImmunityBio?
- ImmunityBio Inc. is a biotechnology company that focuses on developing immunotherapies to treat a range of diseases, including cancer and infectious diseases. The company’s approach involves leveraging the power of the immune system to fight diseases more effectively.
What does ImmunityBio do?
- ImmunityBio aims to address the limitations of traditional therapies by utilizing a comprehensive platform that combines both immunotherapy and targeted therapies. Their immunotherapies are designed to activate the immune system, enhance its response to specific targets, and improve overall patient outcomes.
- The company’s pipeline includes a variety of therapeutic candidates, including cancer vaccines, T-cell therapies, and bi-specific fusion proteins. They conduct extensive research and clinical trials to evaluate the safety and efficacy of their treatments across different disease areas.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those who suffered financial losses in their investments in ImmunityBio during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire Class. The deadline for submitting such a request is August 29, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential Class members in the class action lawsuit against ImmunityBio are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
ABOUT US
For more information as well as to join this case please contact Atara Twersky, Esq. at atara@twerskylawgroup.com. Atara is Principal at Twersky Law Group and of counsel at AF&T Law Firm where she is director of Investor Services. Atara focuses her practice on assisting her clients with increasing their investment portfolio recoveries and ensuring that their portfolios remain healthy and robust. For more information on shareholder recoveries, listen to Atara ’s Pension and Investments Podcast with notable guests in the pension fund Industry that discusses various matters relating to investment portfolios. For more information on Atara and her legal work pertaining to shareholder protection click here.
