#United States #New York #Class Action #Levi & Korsinsky #Iovance Biotherapeutics

Levi & Korsinsky Issues Important Update for Iovance Investors

In a crucial announcement, Levi & Korsinsky, LLP has brought to the attention of Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) investors the impending lead plaintiff deadline for an ongoing class action lawsuit. Investors who suffered significant losses in Iovance due to alleged securities fraud between May 9, 2024, and May 8, 2025, are encouraged to act promptly and secure their rights before the deadline of July 14, 2025.

Class Action Overview

The class action lawsuit aims to recover losses incurred by investors impacted by misleading statements and omissions regarding Iovance's growth potential. Specifically, the firm alleged that the company provided investors with overly optimistic statements about its capabilities while hiding material facts that painted a starkly different picture. The lawsuit emerged following a significant drop in Iovance's stock price after the company disclosed its second-quarter fiscal results on July 25, 2024, which were accompanied by a disappointing revision of its revenue guidance for the full year.

Allegations Against Iovance

According to the complaint, Iovance claimed that it was experiencing state-of-the-art growth, yet it failed to address critical issues that had a direct adverse impact on its financial performance. Among the highlighted concerns were:
1. Maintenance Downtime: A scheduled maintenance for the iCTC (integrated Cell Therapy Center) significantly impaired the company's operational capacity for approximately one month.
2. Decreased Sales: The company reported lower than anticipated sales of Proleukin, which impacted revenue forecasts.
3. Slow Adoption Rates: An unanticipated pace at which approved treatment centers (ATCs) began treating patients further exacerbated the company's revenue challenges.

The culmination of these issues led to a staggering decline in the value of Iovance's stocks, plummeting from a closing price of $3.17 per share on May 8, 2025, to just $1.75 per share the very next day, marking an alarming decrease of around 44.8% in just 24 hours.

Next Steps for Investors

Investors who suffered losses during the stated period are advised to consider filing their lead plaintiff requests before the approaching deadline. Engaging in this legal process does not require one to serve as a lead plaintiff to qualify for potential recovery.

No Financial Obligation

For those impacted, participating in this lawsuit entails no financial cost or obligation. Interested class members are invited to seek compensation without the need for upfront payments or fees.

Why Choose Levi & Korsinsky?

Levi & Korsinsky is well-respected for its commitment to shareholder rights. Throughout its twenty-year history, the firm has successfully negotiated hundreds of millions in settlements for investors impacted by securities fraud. Their experience is backed by a robust team of over 70 professionals dedicated to representing clients in complex securities litigation. For seven consecutive years, the firm has been recognized in ISS Securities Class Action Services' Top 50 Report as one of the leading securities litigation firms in the United States.

Contact Information

For those seeking more details or wish to be part of the class action against Iovance, please reach out to:
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
Levi & Korsinsky, LLP
33 Whitehall Street, 17th Floor
New York, NY 10004
Email: [email protected]
Phone: (212) 363-7500

In conclusion, Iovance investors are urged to act swiftly as the deadline is fast approaching. Understanding the details of this lawsuit may provide a path to recoup some losses experienced during this tumultuous period.