ImmunityBio Investors Face May 26 Lead-Plaintiff Deadline in Securities Suit Tied to FDA Anktiva Rebuke
The case stems from an FDA warning that promotional claims for Anktiva were false or misleading, which drove a roughly 21% stock drop on March 24.
Overview
- Multiple shareholder law firms this week urged ImmunityBio investors to apply for lead-plaintiff status before the May 26 court deadline in Douglas v. ImmunityBio in the Central District of California.
- The lawsuit alleges ImmunityBio and executives overstated Anktiva’s capabilities, pointing to a TV ad and a January podcast where Patrick Soon-Shiong said the drug could treat all cancers.
- The FDA’s March 13 warning letter, publicized March 24, said the ad and podcast were false or misleading and claimed they suggested Anktiva could cure or prevent all cancer without supporting data.
- ImmunityBio’s shares fell about 21% on March 24, erasing nearly $2 billion in market value, and the putative class covers purchases from January 19 through March 24, 2026.
- Anktiva is approved only with BCG for a form of non‑muscle invasive bladder cancer, and the FDA said the promotions omitted that limitation, noting prior untitled letters to an ImmunityBio affiliate about similar issues.