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Investors Seek Lead in ImmunityBio Class Action Lawsuit
Lawsuit alleges biotech company misled investors about cancer treatment claims
Mar. 31, 2026 at 7:13pm
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The class action lawsuit alleges ImmunityBio misled investors about the capabilities of its experimental cancer treatment, exposing the high-stakes world of biotech finance.San Diego TodayRobbins Geller Rudman & Dowd LLP has announced a class action lawsuit against ImmunityBio, Inc. (NASDAQ: IBRX) and its Executive Chairman, alleging the company made false and misleading statements about its lead cancer treatment Anktiva. The lawsuit covers investors who purchased ImmunityBio securities between January 19, 2026 and March 24, 2026, and seeks to appoint a lead plaintiff to represent the class.
Why it matters
The lawsuit highlights ongoing concerns about the accuracy of biotech companies' claims regarding experimental cancer treatments. Investors allege ImmunityBio misled the public about Anktiva's capabilities, which led to a 21% stock price drop after the FDA issued a warning letter about the company's misleading marketing.
The details
The class action lawsuit alleges ImmunityBio and its Executive Chairman, Dr. Patrick Soon-Shion, made false claims that Anktiva would allow all bladder cancer patients treated with it to be cancer-free long-term, and that Anktiva is a cancer vaccine, when these claims were not supported. The lawsuit was filed after the FDA issued a warning letter stating ImmunityBio's marketing materials 'misbranded' Anktiva and made misleading claims about its ability to cure and prevent all cancer.
- The class period covers January 19, 2026 to March 24, 2026.
- Investors have until May 26, 2026 to seek appointment as lead plaintiff.
- The FDA warning letter to ImmunityBio was dated March 13, 2026.
The players
Robbins Geller Rudman & Dowd LLP
A leading law firm representing investors in securities fraud and shareholder rights litigation, which has filed the class action lawsuit against ImmunityBio.
ImmunityBio, Inc.
A biotechnology company focused on developing immunotherapies, including its lead product Anktiva.
Dr. Patrick Soon-Shion
ImmunityBio's Executive Chairman and Global Scientific and Medical Officer, who is accused of materially overstating Anktiva's capabilities.
Richard Adcock
ImmunityBio's CEO, who received the FDA warning letter about the company's misleading marketing of Anktiva.
What’s next
The judge will decide on May 26, 2026 whether to appoint a lead plaintiff to represent the class of ImmunityBio investors in the lawsuit.
The takeaway
This case highlights ongoing concerns about the accuracy of marketing claims made by biotech companies regarding experimental cancer treatments, and the importance of rigorous regulatory oversight to protect investors from misleading information.
