Key Takeaways:
ImmunityBio, Inc. (NASDAQ: IBRX) faces a securities fraud class action lawsuit after its stock plunged 21.12% on March 24, following an FDA warning about misleading claims for its cancer treatment, Anktiva.
"The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material facts about the company’s business, operations, and prospects," according to a statement from Kessler Topaz Meltzer & Check, LLP, one of several firms that has filed a suit.
The legal action follows a Bloomberg report that ImmunityBio received a Warning Letter from the U.S. Food and Drug Administration. The FDA stated that claims made by ImmunityBio's Executive Chairman, Patrick Soon-Shiong, suggesting Anktiva "can cure and even prevent all cancer," were false or misleading. The news caused the stock to fall $1.98 to close at $7.42 per share on March 24.
The lawsuits seek to represent investors who purchased ImmunityBio securities between January 19, 2026, and March 24, 2026. The deadline for investors to file a motion to be appointed as lead plaintiff is May 26, 2026. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.
Multiple nationally recognized law firms, including Bronstein, Gewirtz & Grossman, LLC, The Rosen Law Firm, and Faruqi & Faruqi, LLP, have announced investigations and filings on behalf of affected investors. The firms are operating on a contingency fee basis, meaning there is no cost to investors who join the class action.
The flurry of lawsuits creates significant legal and financial uncertainty for ImmunityBio, which could face substantial damages if the suits are successful. Investors will be closely watching the May 26 lead plaintiff deadline and any subsequent responses from the company.
This article is for informational purposes only and does not constitute investment advice.
