ImmunityBio Investors Face May 26 Deadline to Seek Lead Role in FDA-Linked Securities Suit

Overview

• Robbins Geller says investors who bought ImmunityBio shares from January 19 to March 24 can move to be lead plaintiff by May 26 in Douglas v. ImmunityBio in the Central District of California.
• The complaint claims company statements about Anktiva were false or misleading, including calling it a cancer vaccine and overstating its capabilities by Executive Chairman Dr. Patrick Soon-Shiong.
• The allegations rely on an FDA warning letter dated March 13 that said a TV ad and a podcast misbranded Anktiva and created the impression it could cure or prevent all cancer.
• After the letter became public on March 24, ImmunityBio’s stock fell about 21% to close at $7.42, which the suit cites as the key market loss event.
• Other firms, including Kessler Topaz and The Gross Law Firm, are also recruiting investors, and a lead plaintiff would guide the case for the class and select the lawyers.