NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Iovance Biotherapeutics, Inc. (NasdaqGM: IOVA).
On November 12, 2014, Iovance (formerly “Lion Biotechnologies, Inc.”) announced the resignation of CEO Manish Singh. On April 10, 2017, the Securities and Exchange Commission issued an order concluding that “from September 2013 to March 2014, Lion, through [Singh], engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion to potential investors that purported to be independent from the company when, in fact, they were paid promotions.” The SEC also found the Company had engaged in “improper ‘gun-jumping’” by soliciting orders to buy a new issue before registration of the initial public offering was approved by the SEC. Among other things, Iovance was ordered to pay a civil monetary penalty of $100,000 to the SEC.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the Court presiding over that case denied Iovance’s motion to dismiss, ruling that claims relating to the stock promotion scheme could proceed.
KSF’s investigation focuses on whether Iovance’s officers and/or directors breached their fiduciary duties to Iovance’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Iovance shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgm-iova/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.