ImmunityBio Inc. officers were hit with a lawsuit Tuesday alleging the biotech company misled shareholders by overstating regulatory approval prospects for a cancer treatment it was developing.
Investor Gary Van Luven filed the shareholder derivative complaint in the US District Court for the Southern District of California against ImmunityBio, its founder Patrick Soon-Shiong, and other top brass at the company.
Between March 2021 and May 2023, company executives made bullish statements about the development of its Anktiva bladder cancer therapy and failed to disclose it was using deficient manufacturing facilities, the complaint says.
On May 11, 2023, the company revealed ...
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