ImmunityBio Plunges Over 20% After FDA Warning Sparks Class-Action Probe
On March 24, the FDA issued a warning letter citing false or misleading promotions of ImmunityBio's Anktiva cancer therapy, triggering over a 20% intraday share plunge. Johnson Fistel has launched a securities class action investigation to recover potential investor losses under federal law.
1. FDA Warning on Anktiva Promotions
On March 24, the U.S. Food and Drug Administration issued a warning letter to ImmunityBio, stating that a television advertisement and podcast promoting its Anktiva cancer therapy contained false or misleading claims in violation of federal law.
2. Stock Plummets Over 20%
Following the FDA disclosure, ImmunityBio shares tumbled more than 20% intraday as investors assessed the potential impact on product credibility and noted that the company’s available corrective actions offer limited immediate upside.
3. Johnson Fistel Launches Securities Investigation
Johnson Fistel, PLLP has opened a securities class action investigation against ImmunityBio’s executive officers to determine whether investor losses can be recovered under federal securities laws, inviting shareholders who suffered losses to participate at no cost.