ImmunityBio Faces Class Action Lawsuit Over Misleading Cancer Claims After FDA Warning
ImmunityBio Faces Securities Class Action Lawsuit Amidst Controversy
In a significant turn of events, ImmunityBio, Inc. (NASDAQ: IBRX) is currently facing a securities class action lawsuit following a warning from the Food and Drug Administration (FDA). The lawsuit is aimed at representing investors who acquired ImmunityBio's securities during a specific period from January 19, 2026, to March 24, 2026.
Background of the Lawsuit
On March 24, 2026, news broke that the FDA had issued a warning letter to ImmunityBio concerning claims made by its Executive Chairman, Dr. Patrick Soon-Shiong. He asserted that the company’s lead biologic product, Anktiva, was effective for treating various forms of cancer. Furthermore, Dr. Soon-Shiong claimed that despite its FDA approval solely for treating non-muscle invasive bladder cancer (NMIBC), Anktiva could effectively target all cancers. The FDA deemed these statements misleading, bringing significant scrutiny to the company's practices.
Following this revelation, shares of ImmunityBio plummeted by over 21%, effectively wiping out around $2 billion in market capitalization. This dramatic decline has prompted the national shareholder rights law firm Hagens Berman to investigate claims suggesting that ImmunityBio may have violated federal securities laws by providing false or misleading information about Anktiva's efficacy and indications.
Investigative Initiatives
Hagens Berman is currently urging investors who have experienced substantial losses related to ImmunityBio’s stock to come forward. The firm is particularly interested in gathering testimonies from witnesses who may have information pertinent to their investigation. In light of the recent developments, the legal firm has created a dedicated case page to provide updates and facilitate the submission of information regarding the ongoing investigation.
The FDA's warning specified that promotional materials, such as a podcast and a television advertisement featuring Dr. Soon-Shiong, included claims that yielded a
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