Scott+Scott Attorneys at Law LLP Reminds Investors of the Ongoing Action Against Iovance Biotherapeutics, Inc. (NASDAQ: IOVA)

Company Overview - Iovance Biotherapeutics, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing cell therapies for metastatic melanoma and other solid tumor cancers [2] - The company's primary product, Amtagvi, is a tumor-derived autologous T-cell immunotherapy approved by the FDA on February 16, 2024, and launched commercially on February 20, 2024 [2] Class Action Lawsuit - A securities class action lawsuit has been filed against Iovance and certain current and former officers in the U.S. District Court for the Northern District of California, alleging violations of the Securities Exchange Act of 1934 [1] - The lawsuit claims that during the class period from May 9, 2024, to May 8, 2025, the defendants made false or misleading statements regarding the company's operations and prospects, particularly concerning the performance of new Authorized Treatment Centers (ATCs) [3] Financial Performance - On May 8, 2025, Iovance reported a significant decline in quarterly total product revenue, which was $49.3 million, down from $73.7 million in the previous quarter [4] - The company revised its full-year 2025 revenue guidance from a range of $450 million to $475 million down to $250 million to $300 million, citing challenges with ATC growth trajectories and treatment timelines [4] - Following the release of these financial results, Iovance's share price dropped by $1.42, or 44.8%, closing at $1.75 per share on May 9, 2025, with unusually high trading volume [4]