BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased ImmunityBio, Inc. (“ImmunityBio” or the “Company”) (NASDAQ: IBRX) securities between May 23, 2022 and May 10, 2023, inclusive (the “Class Period”). ImmunityBio investors have until August 29, 2023 to file a lead plaintiff motion.
Investors suffering losses on their ImmunityBio investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On May 11, 2023, before the market had opened, ImmunityBio announced that the FDA had rejected the Biologics License Application for the Company’s immunotherapy drug, Anktiva, due to “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, or 55.1%, to close at $2.79 per share on May 11, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) ImmunityBio conducted insufficient due diligence to discover, or else did discover and ignored, Good Manufacturing Practice (“GMP”) deficiencies at its third-party 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 foregoing deficiencies was likely to cause the FDA to reject the Anktiva BLA in its present form; (4) accordingly, the Company overstated the regulatory approval prospects for the Anktiva BLA; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased ImmunityBio securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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