Iovance Biotherapeutics(IOVA) Prnewswire·2025-06-09 09:45Core Viewpoint - Iovance Biotherapeutics, Inc. is facing a class action lawsuit due to allegations of providing misleading statements about its growth potential while failing to meet revenue expectations, leading to a significant drop in stock price [1][2]. Summary by Sections Allegations - The lawsuit claims that during the class period from May 9, 2024, to May 8, 2025, Iovance made overly positive statements while concealing material adverse facts about its ability to generate demand for its treatments [1]. - The company announced a reduction in revenue guidance for fiscal year 2024, attributing this to maintenance issues, lower-than-expected Proleukin sales, and a variable pace in treatment initiation [1]. Financial Impact - Following the announcement of lowered guidance, 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 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 regarding the case's progress [2]. Law Firm Information - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements [3].