Kaplan Fox Investigating ImmunityBio for Potential Securities Violations

Law firm probes claims of misleading marketing for cancer drug Anktiva

Mar. 25, 2026 at 4:33am

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Kaplan Fox & Kilsheimer LLP, a national law firm, has launched an investigation into potential securities law violations by ImmunityBio, Inc. (NASDAQ: IBRX). The investigation follows a warning letter from the U.S. Food and Drug Administration (FDA) accusing ImmunityBio of making false or misleading claims about the efficacy and administration of its cancer drug Anktiva in a TV ad and podcast.

Why it matters

The FDA's warning letter alleges that ImmunityBio continued to promote Anktiva in a misleading manner despite previous untitled letters addressing similar issues. This could potentially lead to legal action and impact the company's stock price and reputation.

The details

According to the FDA warning letter, ImmunityBio's TV ad and podcast misrepresented Anktiva's efficacy, suggested it could be injected, and omitted certain risks and facts. The letter states that ImmunityBio's Chief Medical Officer, Dr. Patrick Soon-Shiong, claimed researchers had the ability to create a 'cancer vaccine' while an image of Anktiva appeared, and that he stated Anktiva 'can treat all cancers' despite it only being approved for bladder cancer.

  • On March 24, 2026, before markets opened, the FDA issued a warning letter to ImmunityBio.
  • On September 9, 2025, and January 7, 2026, the FDA had previously sent 'Untitled Letters' to Altor BioScience, LLC, an indirect wholly-owned subsidiary of ImmunityBio, addressing similar issues.
  • On March 24, 2026, following the news, ImmunityBio's stock price fell $1.98 per share, about 21%, to close at $7.42 per share.

The players

Kaplan Fox & Kilsheimer LLP

A leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. The firm has over 50 years of experience in securities litigation.

ImmunityBio, Inc.

A biopharmaceutical company that develops immunotherapies for cancer and infectious diseases. It is the parent company of Altor BioScience, LLC.

Dr. Patrick Soon-Shiong

The Chief Medical Officer of ImmunityBio, who made claims about Anktiva's efficacy and administration in a TV ad and podcast.

U.S. Food and Drug Administration (FDA)

The federal agency responsible for regulating and supervising the safety of food, drugs, and other products, including issuing the warning letter to ImmunityBio.

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What they’re saying

“It's approved for bladder cancer, but it actually can treat all cancers.”

— Dr. Patrick Soon-Shiong, Chief Medical Officer, ImmunityBio

What’s next

Kaplan Fox is investigating the potential securities law violations and is encouraging ImmunityBio investors who have suffered losses or have information to assist in the investigation to contact the firm.

The takeaway

This case highlights the importance of accurate and transparent marketing of pharmaceutical products, as misleading claims can lead to regulatory action, legal consequences, and damage to a company's reputation and stock price.