Key Takeaways:
Faruqi & Faruqi, LLP has issued a reminder to ImmunityBio, Inc. (NASDAQ: IBRX) investors about the May 26, 2026, deadline to seek lead plaintiff status in a federal securities class action lawsuit filed against the company.
"If you purchased or acquired securities in ImmunityBio between January 19, 2026 and March 24, 2026 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson," the law firm stated in a notice.
The lawsuit alleges that ImmunityBio made materially false and misleading statements regarding its lead biologic product, Anktiva. On March 24, 2026, the company’s stock price fell $1.98 per share, or 21.12%, to close at $7.42 per share after news of a warning from the U.S. Food and Drug Administration.
The legal action centers on claims that could impact the company's reputation and financial standing, with the lead plaintiff deadline representing a critical juncture for investors who suffered losses.
The class action complaint alleges that throughout the class period, ImmunityBio and its executives failed to disclose that claims of Anktiva being a "cancer vaccine" were false. The lawsuit further claims that the company's Executive Chairman, Patrick Soon-Shiong, materially overstated the drug's capabilities.
The allegations came to a head on March 24, 2026, when Bloomberg reported that the FDA had issued a Warning Letter to ImmunityBio. The letter stated that claims made by Soon-Shiong on a podcast, including that Anktiva “can cure and even prevent all cancer,” were determined by the agency to be "false or misleading." The FDA asserted that these statements made the distribution of the drug a violation of the Federal Food, Drug, and Cosmetic Act.
The decline in ImmunityBio's stock to its lowest point since the beginning of the class period tests investor confidence ahead of the lead plaintiff deadline. Investors have until May 26, 2026, to move the court to be appointed as a lead plaintiff.
This article is for informational purposes only and does not constitute investment advice.
