ImmunityBio(US:IBRX) Prnewswire·2026-03-30 19:49Core Viewpoint - ImmunityBio, Inc. is facing a securities class action lawsuit following a warning from the FDA regarding misleading claims about its cancer treatment product, Anktiva, which has resulted in a significant drop in the company's market capitalization by nearly $2 billion [1][7]. Group 1: Lawsuit and FDA Warning - The class action lawsuit seeks to represent investors who acquired ImmunityBio securities between January 19, 2026, and March 24, 2026 [1]. - The FDA issued a warning letter to ImmunityBio concerning claims made by its executive chairman, Dr. Patrick Soon-Shiong, about Anktiva's efficacy, which the FDA deemed misleading [2][7]. - Following the FDA's warning, ImmunityBio's share price fell over 21% on March 24, 2026, leading to a loss of nearly $2 billion in market capitalization [2][7]. Group 2: Company Background and Product Information - ImmunityBio is a biotechnology company focused on developing immunotherapies aimed at activating the immune system to combat cancer and infectious diseases [4]. - Anktiva is an FDA-approved immunotherapy used in conjunction with Bacillus Calmette-Guérin (BCG) for treating non-muscle invasive bladder cancer (NMIBC) [5]. - The lawsuit centers on the legitimacy of ImmunityBio's claims regarding Anktiva's effectiveness in treating other types of cancer beyond its approved indication [5][6]. Group 3: Investigation and Implications - Hagens Berman, a national shareholders rights firm, is investigating claims that ImmunityBio violated federal securities laws by misleading investors about Anktiva's efficacy [3][8]. - The FDA's warning highlighted that promotional materials created a misleading impression that Anktiva could cure and prevent all cancers, which has not been substantiated by data [7]. - The firm is encouraging investors who suffered losses to come forward and is also seeking witnesses to assist in the investigation [3][8].