Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against ImmunityBio, Inc. (“ImmunityBio” or the “Company”) IBRX in the United States District Court for the Southern District of California on behalf of all persons and entities who purchased or otherwise acquired ImmunityBio securities between May 23, 2022 and May 10, 2023, both dates inclusive (the “Class Period”). Investors have until August 29, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
ImmunityBio is a clinical-stage biotechnology company that engages in developing therapies and vaccines that complement, harness, and amplify the immune system to defeat cancers and infectious diseases in the U.S. and Europe. The Company offers immunotherapy and cell therapy platforms, including, inter alia, antibody cytokine fusion protein N-803, commercially referred to as “Anktiva”. The Company uses third-party contract manufacturing organizations (“CMOs”) to produce certain of its product candidates, including Anktiva.
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 “[w]e have established Good Manufacturing Practice (GMP) manufacturing capacity at scale with cutting-edge cell manufacturing expertise and ready-to-scale facilities[.]”
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 FDA’s 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.
The complaint alleges that throughout the Class Period, Defendants…
The post IMMUNITYBIO ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Law… – Press Release appeared first on CaymanMama.com.
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