ImmunityBio Investors Face Deadline for Lead Plaintiff Role

Kirby McInerney LLP reminds investors of May 26 deadline to seek lead plaintiff status in securities class action lawsuit against ImmunityBio.

Apr. 16, 2026 at 12:20am

Got story updates? Submit your updates here. ›

A high-contrast, cinematic close-up of heavy, tangible banking mechanics and objects, representing the complex financial infrastructure at the heart of the securities class action lawsuit.A close-up of the intricate inner workings of the financial system, a visual metaphor for the high-stakes legal battle over misleading statements about a biotech company's drug.NYC Today

A federal securities class action lawsuit has been filed against ImmunityBio, Inc. (NASDAQ:IBRX) on behalf of investors who purchased the company's securities between January 19, 2026 and March 24, 2026. The lawsuit alleges that ImmunityBio's Executive Chairman, Patrick Soon-Shiong, materially overstated the capabilities of the company's cancer immunotherapy drug Anktivas in public statements. Investors have until May 26, 2026 to apply to be the lead plaintiff in the case, which could influence key decisions like litigation strategy and settlement.

Why it matters

The lawsuit against ImmunityBio highlights the importance of accurate and transparent disclosures by public companies, especially regarding the capabilities of their products. Investors rely on this information to make informed decisions, and misleading statements can lead to significant losses. The lead plaintiff role is crucial as it allows an individual investor to oversee the litigation on behalf of the class.

The details

The lawsuit alleges that ImmunityBio and its Executive Chairman, Patrick Soon-Shiong, made false and misleading statements about the capabilities of the company's cancer immunotherapy drug Anktivas. On March 24, 2026, the FDA issued a warning letter to ImmunityBio stating that a TV ad and podcast promoting Anktivas were 'false or misleading.' The FDA also noted that it had previously sent 'Untitled Letters' to ImmunityBio's subsidiary Altor BioScience addressing similar misleading presentations of Anktivas. Following the FDA's warning, ImmunityBio's stock price declined by 21.2%.

  • The class period for the lawsuit is January 19, 2026 through March 24, 2026.
  • Investors have until May 26, 2026 to apply to be the lead plaintiff in the case.

The players

ImmunityBio, Inc.

A biopharmaceutical company focused on developing innovative therapies, including the cancer immunotherapy drug Anktivas.

Patrick Soon-Shiong

The Executive Chairman of the Board of ImmunityBio, who is accused of materially overstating the capabilities of Anktivas in public statements.

Kirby McInerney LLP

A New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation, which is representing investors in the class action lawsuit against ImmunityBio.

U.S. Food and Drug Administration (FDA)

The federal agency that issued a warning letter to ImmunityBio stating that the company's promotional materials for Anktivas were 'false or misleading.'

Altor BioScience, LLC

An indirect wholly-owned subsidiary of ImmunityBio that received previous 'Untitled Letters' from the FDA regarding misleading presentations of Anktivas.

Got photos? Submit your photos here. ›

What they’re saying

“Kirby McInerney LLP reminds ImmunityBio, Inc. ('ImmunityBio' or the 'Company') (NASDAQ:IBRX) investors of the May 26, 2026 deadline to seek the role of lead plaintiff in a pending federal securities class action.”

— Lauren Molinaro, Attorney, Kirby McInerney LLP

What’s next

The judge in the case will decide on May 26, 2026 whether to appoint a lead plaintiff to oversee the litigation on behalf of the class.

The takeaway

This case highlights the importance of accurate and transparent disclosures by public companies, especially regarding the capabilities of their products. Investors rely on this information to make informed decisions, and misleading statements can lead to significant losses. The lead plaintiff role is crucial as it allows an individual investor to oversee the litigation on behalf of the class.