A securities class action has been filed in the USDC – N.D.CA. against Iovance Biotherapeutics, Inc. (IOVA) (“Iovance” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired Iovance securities between May 9, 2024, and May 8, 2025, both dates inclusive (the “Class Period”).
Iovance is a commercial-stage biopharmaceutical company which develops and commercializes cell therapies for the treatment of metastatic melanoma and other solid tumor cancers. The Company’s top priority is the commercialization of Amtagvi® (lifileucel), a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma. The Company received FDA approval for Amtagvi on February 16, 2024. The Company commercially launched Amtagvi on February 20, 2024.
The claim arises on July 25, 2024, when Iovance announced its financial results for the second quarter of fiscal 2024 and reduced its revenue guidance for the full fiscal year 2024.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) new Authorized Treatment Centers were experiencing longer timelines to begin treating patients with Amtagvi;
(2) the Company’s sales team and new ATCs were ineffective in patient identification and patient selection for Amtagvi, leading to higher patient drop-offs; (
3) the foregoing dynamics led to higher costs and lower revenue because ATCs could not keep pace with manufactured product; and
(4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis, thereby harming investors.
Following this news, on May 9, 2025, Iovance’s stock price fell by $1.42 per share to close at $1.75 per share.
If you purchased Iovance securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.