ImmunityBio Gets Final OK for $10.5 Million Investor Settlement

ImmunityBio Inc.'s $10.5 million class settlement with investors over alleged misrepresentations about a cancer drug’s prospects received final approval from a federal court.

Although the amount of the settlement is “only a portion"—about 8%—of ImmunityBio’s maximum exposure as estimated by the investors, “the relief appropriately accounts for the not-insubstantial risk that Plaintiff and the class would recover nothing on some or all claims,” Judge Gonzalo P. Curiel said. Curiel also approved attorneys’ fees of about $3 million in the order docketed Monday in the US District Court for the Southern District of California.

• The suit alleges the biotechnology company and ...