Key Takeaways:
Four law firms have now filed class-action lawsuits against ImmunityBio Inc. (NASDAQ: IBRX) alleging securities fraud, following a 21.12% drop in the company’s share price after the disclosure of a U.S. Food and Drug Administration warning letter.
The lawsuits, including one from Robbins Geller Rudman & Dowd LLP, charge ImmunityBio and its Executive Chairman, Dr. Patrick Soon-Shion, with making false and misleading statements regarding the company's bladder-cancer drug, Anktiva. "These violations are concerning from a public health perspective because the promotional communications create a misleading impression that Anktiva, a treatment for a certain type of bladder cancer, can cure and even prevent all cancer," the FDA stated in its warning letter.
The legal actions follow the publicizing of the FDA letter on March 24, 2026, which sent ImmunityBio's stock down $1.99 to close at $7.41. The class period for investors who purchased securities is between January 19, 2026, and March 24, 2026, with a lead plaintiff deadline of May 26, 2026.
These lawsuits consolidate claims from investors who allegedly suffered damages due to the company’s purported misrepresentations about Anktiva's capabilities and its promotion as a cancer vaccine.
The core of the allegations, outlined in complaints filed by firms including Pomerantz LLP, The Schall Law Firm, and Bronstein, Gewirtz & Grossman LLC, is that ImmunityBio deceived the market. The FDA's letter highlighted that promotional communications, including a television ad and a podcast appearance, continued to misbrand the drug despite previous warnings.
The complaint filed by Robbins Geller, captioned Douglas v. ImmunityBio, Inc., specifically alleges that the company failed to disclose that representations of Anktiva allowing all patients to be "cancer-free for the long term" had not been demonstrated.
The multiple lawsuits and the sharp stock decline highlight significant investor concern and potential liability for ImmunityBio. The decline puts the stock at its lowest since the allegations became public, with investors watching for the company's formal response ahead of the May 26 lead plaintiff deadline.
This article is for informational purposes only and does not constitute investment advice.
