ImmunityBio Faces Securities Fraud Lawsuit After FDA Warning

Investors may contact Lewis Kahn, Esq. at Kahn Swick & Foti, LLC to file lead plaintiff applications by May 26, 2026.

Apr. 1, 2026 at 2:18am

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ImmunityBio, Inc. (NasdaqGS: IBRX) is facing a securities fraud class action lawsuit after the company's stock fell 21% on March 24, 2026, following the public release of an FDA warning letter that cited the company for misleading advertising claims about its cancer treatment Anktiva. The lawsuit covers investors who purchased ImmunityBio securities between January 19, 2026 and March 24, 2026.

Why it matters

The FDA warning letter raises concerns about ImmunityBio's marketing practices and the accuracy of its public statements, which could have significant legal and financial implications for the company. The securities fraud lawsuit seeks to recover losses for investors affected by the stock price decline.

The details

According to the lawsuit, ImmunityBio and certain executives are accused of failing to disclose material information during the class period, violating federal securities laws. The FDA warning letter, dated March 13, 2026, stated that a television advertisement and podcast misrepresented Anktiva and resulted in its distribution violating the Federal Food, Drug, and Cosmetic Act. The letter also noted that the violations were 'concerning from a public health perspective because the promotional communications create a misleading impression that Anktiva, a treatment for a certain type of bladder cancer, can cure and even prevent all cancer.'

  • The class period covers January 19, 2026 to March 24, 2026.
  • The FDA warning letter was dated March 13, 2026.
  • ImmunityBio's stock fell 21% on March 24, 2026 following the public release of the FDA warning letter.

The players

ImmunityBio, Inc.

A biopharmaceutical company that is developing cancer therapies, including the bladder cancer treatment Anktiva.

Richard Adcock

The CEO of ImmunityBio.

Kahn Swick & Foti, LLC

A boutique securities litigation law firm representing investors in the class action lawsuit against ImmunityBio.

Charles C. Foti, Jr.

The former Attorney General of Louisiana and a partner at Kahn Swick & Foti, LLC.

Lewis Kahn

The managing partner at Kahn Swick & Foti, LLC.

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What they’re saying

“If you purchased securities of ImmunityBio and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://ksfcounsel.com/cases/nasdaqgs-ibrx-2/ to learn more.”

— Lewis Kahn, Managing Partner, Kahn Swick & Foti, LLC

What’s next

The deadline to file lead plaintiff applications in the securities class action lawsuit against ImmunityBio is May 26, 2026.

The takeaway

This case highlights the importance of accurate and transparent marketing practices in the pharmaceutical industry, as misleading claims can have significant legal and financial consequences for companies. Investors will be closely watching the outcome of this lawsuit and its impact on ImmunityBio's future.