Iovance Biotherapeutics(IOVA) Prnewswire·2025-05-29 10:15Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Iovance Biotherapeutics, Inc. regarding a class action lawsuit due to alleged misleading statements and failure to disclose material adverse facts about the company's growth potential [1] Summary by Relevant Sections Allegations - The complaint alleges that during the class period from May 9, 2024, to May 8, 2025, Iovance provided overly positive statements while concealing significant issues regarding its ability to meet demand for its treatments [1] - Key factors leading to the company's reduced revenue guidance included maintenance of the iCTC, lower than expected Proleukin sales, and the variable pace of treatment initiation at approved centers [1] Financial Impact - Following the announcement of reduced revenue guidance on July 25, 2024, Iovance's stock price plummeted from $3.17 per share on May 8, 2025, to $1.75 per share on May 9, 2025, marking a decline of approximately 44.795% in just one day [1] Next Steps for Shareholders - Shareholders who purchased IOVA shares during the specified class period are encouraged to register for the class action by July 14, 2025, to potentially become lead plaintiffs [2] - Registered shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle [2] Firm's Commitment - The Gross Law Firm aims to protect investors' rights and ensure companies adhere to responsible business practices, seeking recovery for losses incurred due to misleading statements [3]