Iovance's (IOVA) CFO Resigns Amid Launch Setbacks and Legal Pressure – Hagens Berman

Leadership Transition - Iovance Biotherapeutics Inc. announced the resignation of Chief Financial Officer Jean-Marc Bellemin, effective July 10, 2025, to pursue other endeavors [1][2] - Bellemin's departure coincides with the company's struggles, including a commercial setback for its flagship drug, Amtagvi, and a class-action securities lawsuit [1][3] Commercial Performance - Iovance's first-quarter sales for Amtagvi significantly underperformed Wall Street expectations, leading to a revision of full-year revenue projections [3] - Following the disappointing results and revenue guidance revision, Iovance's stock fell over 44%, from $3.17 per share on May 8, 2025, to $1.75 per share by the close of trading on May 9, 2025 [6][7] Legal Challenges - Iovance is facing a securities fraud class action lawsuit related to the company's portrayal of its authorized treatment centers (ATCs), which are essential for Amtagvi's administration [4][5] - The lawsuit alleges discrepancies between the company's claims about ATC operations and the actual performance, including delays in patient treatment initiation and high patient drop-off rates [5][6] Market Reaction - The market reacted negatively to the company's underwhelming first-quarter results and the downward revision of revenue guidance, attributing the issues to slow treatment timelines and inefficiencies in patient selection [6][7] - Hagens Berman is investigating the allegations and scrutinizing whether Iovance's public statements aligned with internal realities [8]