NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Innate Pharma S.A. (NASDAQ: IPHA) resulting from allegations that Innate may have issued materially misleading business information to the investing public.
On October 23, 2018, Innate announced its long-term strategic partnership with AstraZeneca, which in part would include a payment to Innate of $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab. Throughout 2019 and early 2020, Innate touted the $100 million payment as a done-deal. Innate additionally touted the results of the monalizumab tests as being on track.
However, on September 8, 2020, the Company suddenly and without prior notice announced a change to the $100 million deal. Instead of a one-time payment of $100 million at the start of the first Phase 3 clinical trial, Innate would receive $50 million at the start, and an additional $50 million after the interim analysis demonstrated a pre-defined threshold of clinical activity.
On this news, Innate’s American Depositary Share price fell $1.62, or over 26.6%, from closing at $6.07 on September 4, 2020, the previous trading day, to open at $4.82 on September 8, 2020 and declined throughout the trading day to close at $4.45.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Innate investors. If you purchased shares of Innate please visit the firm’s website at http://www.rosenlegal.com/cases-register-1763.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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