Scott+Scott Attorneys at Law LLP Reminds Investors That There is a Securities Class Action Against Iovance Biotherapeutics, Inc. (NASDAQ: IOVA)

Core Viewpoint - A securities class action lawsuit has been filed against Iovance Biotherapeutics, Inc. for allegedly making false or misleading statements regarding its business operations and the commercialization of its product, Amtagvi, during the class period from May 9, 2024, to May 8, 2025 [1][3]. Company Overview - Iovance 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]. Allegations in the Class Action - The class action claims that during the class period, the defendants failed to disclose issues such as: - New Authorized Treatment Centers (ATCs) facing longer timelines to begin patient treatment with Amtagvi [3]. - Ineffectiveness of the sales team and new ATCs in identifying and selecting patients, leading to higher patient drop-offs [3]. - Resulting higher costs and lower revenue due to ATCs not keeping pace with manufactured product [3]. - Misleading positive statements about the company's business and prospects [3]. Financial Impact - On May 8, 2025, Iovance reported a significant decline in quarterly total product revenue to $49.3 million from $73.7 million in the previous quarter [4]. - The company revised its FY25 total product revenue guidance down from $450 million-$475 million to $250 million-$300 million, citing recent launch dynamics of Amtagvi [4]. - Following this announcement, 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].