LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased ImmunityBio securities during the Class Period, you may move the Court no later than August 29, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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