SAN FRANCISCO, July 02, 2023 (GLOBE NEWSWIRE) — Hagens Berman urges ImmunityBio, Inc. IBRX investors who suffered substantial losses to submit your losses now.
Class Period: May 23, 2022 – May 10, 2023
Lead Plaintiff Deadline: Aug. 29, 2023
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Contact An Attorney Now: IBRX@hbsslaw.com
844-916-0895
ImmunityBio, Inc. (IBRX) Securities Fraud Class Action:
The litigation focuses on ImmunityBio’s statements about the manufacturing and commercial prospects for its lead product candidate (Anktiva) for the treatment of patients with certain non-muscle invasive bladder cancer.
The complaint alleges that Defendants made false and misleading statements and failed to disclose that: (1) ImmunityBio conducted insufficient due diligence to discover, or else discovered and ignored, GMP deficiencies at its third-party contract manufacturing organizations (“CMOs”) for Anktiva; (2) one or more of the company’s third-party CMOs for Anktiva did in fact suffer from GMP deficiencies; (3) the deficiencies were likely to cause the FDA to reject the Anktiva BLA in its present form; and (4) accordingly, ImmunityBio overstated the regulatory approval prospects for the Anktiva BLA.
Investors learned the truth on May 11, 2023, when ImmunityBio announced the FDA had rejected the BLA in its present form, disclosing that “[t]he deficiencies relate to the FDA’s pre-license inspection of the Company’s third-party contract manufacturing organizations.”
This news drove the price of ImmunityBio shares crashing 55% lower on May 11, 2023.
“We’re focused on investors’ losses and proving ImmunityBio misrepresented its GMP in light of the FDA’s findings,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in ImmunityBio and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
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