ImmunityBio Officers and Directors Under Investigation for False Statements

Schubert Jonckheer & Kolbe LLP advises ImmunityBio, Inc. investors that the firm is investigating potential legal claims relating to the company’s unsuccessful efforts in 2023 to secure regulatory approval for its flagship product Anktiva, designed to treat bladder cancer. Current shareholders are encouraged to contact the firm.

On June 20, 2024, Judge Gonzalo P. Curiel of the U.S. District Court for the Southern District of California issued an order denying in part a motion to dismiss a class action complaint filed against ImmunityBio and certain of its executive officers. There, it is alleged that biotechnology company ImmunityBio intentionally misled investors between March 2021 and May 2023 about the prospects of obtaining U.S. Food and Drug Administration approval for Anktiva by concealing known recordkeeping, quality control, and sanitation problems at its contract manufacturer. When the truth was revealed in May 2023, ImmunityBio’s stock fell 55%. 

The Schubert firm is investigating potential wrongdoing by ImmunityBio’s officers and directors in connection with these allegations.