Iovance Biotherapeutics(US:IOVA) Prnewswireยท2025-06-12 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 complaint alleges that Iovance made overwhelmingly positive statements to investors while concealing material adverse facts about its growth potential [1]. - Key issues included the company's inability to generate demand and capitalize on existing demand for its treatments through approved treatment centers [1]. - Following the announcement of reduced revenue guidance for fiscal year 2024, the stock price fell dramatically from $3.17 to $1.75, a decline of approximately 44.8% in one day [1]. Financial Performance - On July 25, 2024, Iovance reported its second-quarter financial results and lowered its revenue guidance for the full fiscal year 2024 [1]. - The company cited three main reasons for the lowered guidance: scheduled maintenance of the iCTC, lower-than-expected Proleukin sales, and the variable pace of treatment initiation by ATCs [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 [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 who suffered losses due to misleading statements [3].