Scott+Scott Attorneys at Law LLP Continues to Remind Investors There is a Securities Class Action Filed 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, leading to significant financial losses for investors [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 lawsuit claims that during the class period, Iovance's management failed to disclose critical issues, including: - New Authorized Treatment Centers (ATCs) faced longer timelines to begin patient treatments with Amtagvi [3]. - Ineffectiveness of the sales team and ATCs in identifying and selecting patients, resulting in higher patient drop-off rates [3]. - These issues led to increased costs and reduced revenue as ATCs could not keep up with the manufactured product [3]. - Consequently, the positive statements made by the defendants regarding the company's business and prospects were materially misleading [3]. Financial Impact - On May 8, 2025, Iovance reported a significant decline in its 1Q25 total product revenue, which was $49.3 million, down from $73.7 million in the previous quarter [4]. - The company also revised its FY25 total product revenue guidance from a range of $450 million to $475 million down to $250 million to $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, amid unusually high trading volume [4].