ImmunityBio faces class action lawsuits

ImmunityBio, a publicly traded biotechnology company, is facing multiple class action lawsuits filed by law firms Pomerantz LLP and Kahn Swick & Foti. These lawsuits allege securities fraud and unlawful business practices, stemming from a warning letter issued by the United States — Food and Drug Administration on March 13, 2026, which became public on March 24, 2026. The United States — Food and Drug Administration accused ImmunityBio of continuing to promote its bladder-cancer drug, Nogapendekin alfa inbakicept, in a misleading manner, including through television advertisements and a podcast hosted by Sean Spicer, despite previous warnings. The United States — Food and Drug Administration's letter to CEO Richard Adcock stated that these promotions created a misleading impression that Nogapendekin alfa inbakicept could cure and prevent all cancer, violating federal laws. Following the public disclosure of the United States — Food and Drug Administration's warning, ImmunityBio's stock price fell by over 21%, leading to substantial losses for investors who purchased securities between January 19, 2026, and March 24, 2026. Investors have until May 26, 2026, to file lead plaintiff applications in these lawsuits.