A California federal court gave preliminary approval to a settlement to resolve shareholder allegations that ImmunityBio Inc. officers and directors made misrepresentations about the company’s bladder cancer drug and its prospects for Food and Drug Administration approval.
The settlement, which in part provides for the company to add an independent member to its board, appears fair, reasonable, and adequate, according to a Tuesday order from the US District Court for the Southern District of California.
Judge Gonzalo P. Curiel scheduled a final fairness hearing for Nov. 4. The court will also consider proper compensation for attorneys and litigation expenses.
Gary ...
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