Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, July 24, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises ImmunityBio, Inc. ("ImmunityBio" or the "Company") (NASDAQ: IBRX) investors that a lawsuit filed on behalf of investors that purchased ImmunityBio securities between May 23, 2022 and May 10, 2023, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The class action complaint alleges that during the Class Period, ImmunityBio and its defendants made material false and misleading statements to investors. The defendants allegedly failed to disclose important information, including:
(i) ImmunityBio conducted insufficient due diligence or knowingly ignored Good Manufacturing Practice (GMP) deficiencies at its third-party contract manufacturing organizations (CMOs) for Anktiva. (ii) One or more of the Company's third-party CMOs for Anktiva indeed had GMP deficiencies. (iii) These deficiencies were likely to lead to the FDA's rejection of the Biologics License Application (BLA) for Anktiva in its current form. (iv) Consequently, the Company exaggerated the likelihood of regulatory approval for the Anktiva BLA.
On May 11, 2023, before the market opened, ImmunityBio made an announcement that the FDA had rejected the BLA for Anktiva in its present form due to "deficiencies relat[ing] to the FDA's pre-license inspection of the Company's third-party contract manufacturing organizations."
As a result of this news, ImmunityBio's stock price plummeted by $3.43 per share, representing a significant decline of 55.14%, and the shares closed at $2.79 per share on May 11, 2023. This significant drop in stock value resulted in substantial losses for investors.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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