Portnoy Law Firm Announces Class Action on Behalf of ImmunityBio, Inc. Investors

Lawsuit filed over plummeting stock price after disappointing clinical trial results

Mar. 27, 2026 at 10:14pm

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The Portnoy Law Firm has filed a class action lawsuit on behalf of investors who bought ImmunityBio, Inc. (NASDAQ: IBRX) securities between January 19, 2026 and March 24, 2026. The lawsuit alleges that the company's stock price dropped sharply after it announced disappointing Phase 2 clinical trial results for its glioblastoma immunotherapy, with the primary endpoint of median overall survival not being met.

Why it matters

The lawsuit highlights the risks and challenges facing biotech companies as they navigate the drug development and regulatory approval process. Investors in the sector can face significant losses if clinical trials fail to meet their primary goals, underscoring the importance of thorough due diligence and risk management.

The details

According to the lawsuit, ImmunityBio's stock price plummeted $0.89 per share, or 12.13%, to close at $6.45 per share on January 23, 2026, after the company announced updated Phase 2 clinical results for its glioblastoma immunotherapy trial. The primary driver of the valuation collapse was the perceived lack of definitive success in meeting the study's most critical benchmark, the median overall survival. The company also revealed that the median overall survival had not yet been reached in the QUILT 3.078 (NCT06061809) trial, which evaluated a chemotherapy-free combination regimen in patients with recurrent or progressive disease.

  • The class period covers securities purchased between January 19, 2026 and March 24, 2026.
  • Investors have until May 26, 2026 to file a lead plaintiff motion.

The players

Portnoy Law Firm

A law firm that represents investors in pursuing claims caused by corporate wrongdoing. The firm's founding partner has recovered over $5.5 billion for aggrieved investors.

ImmunityBio, Inc.

A biopharmaceutical company focused on developing therapies for cancer and infectious diseases.

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What they’re saying

“Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or join the case via https://portnoylaw.com/immunitybio-inc. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses.”

— Lesley F. Portnoy, Attorney

What’s next

Investors have until May 26, 2026 to file a lead plaintiff motion in the class action lawsuit.

The takeaway

This case highlights the risks and volatility inherent in the biotech industry, where the success or failure of clinical trials can have a significant impact on a company's stock price and investor confidence. It underscores the importance for investors to thoroughly research and understand the potential risks before investing in such companies.