ImmunityBio Faces Securities Class Actions
Analysis based on 50 articles · First reported Apr 01, 2026 · Last updated Apr 12, 2026
The market is negatively impacted by the class action lawsuits against ImmunityBio, as its shares plunged over 21% and nearly $2 billion of its market capitalization was erased. This event highlights the risks associated with companies making unsubstantiated claims about their products, leading to investor losses and legal actions.
ImmunityBio, a biotechnology company, is facing multiple securities class action lawsuits filed by law firms including Rosen Law Firm, Bronstein, Gewirtz & Grossman, LLC, and Hagens Berman. These lawsuits allege that ImmunityBio and its executive chairman, Patrick Soon-Shiong, made materially false and misleading statements regarding the capabilities of its lead biologic product, Anktiva. Specifically, Patrick Soon-Shiong allegedly overstated Anktiva's efficacy, claiming it could treat 'all cancers' despite its approval only for non-muscle invasive bladder cancer. The United States — Food and Drug Administration issued a warning letter to ImmunityBio, stating that the promotional materials, including a podcast and TV ad featuring Patrick Soon-Shiong, were false or misleading and grossly misrepresented Anktiva's benefits. This news led to a significant drop in ImmunityBio's share price, erasing nearly $2 billion from its market capitalization. The lawsuits cover investors who purchased ImmunityBio securities between January 19, 2026, and March 24, 2026, with a lead plaintiff deadline of May 26, 2026.
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