ImmunityBio Board Settles Shareholders’ Cancer Therapy Lawsuit

ImmunityBio Inc. leadership agreed to add an independent member to its board to end shareholder allegations that they caused the company to overhype Food and Drug Administration approval odds for its bladder cancer therapy.

The biopharmaceutical company will amend its disclosure and audit committees’ charters, among other reforms, said the agreement filed in the US District Court for the Southern District of California Thursday. The shareholders alleged corporate leaders breached their fiduciary duties to ImmunityBio and investors by lacking adequate oversight and causing the company to conceal issues at a third-party manufacturing facility that would likely cause the FDA to ...