ImmunityBio (IBRX) is facing a securities lawsuit after investors alleged that public statements about Anktiva overstated its capabilities, including claims suggesting broader cancer-treatment potential than its FDA-approved use.
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Investors in ImmunityBio, Inc. (NASDAQ: IBRX) are taking note of a recently filed securities lawsuit alleging that company executives made materially false and misleading statements about its lead biologic product, Anktiva, causing significant stock losses when the alleged truth came to light.
A lawsuit filed in the U.S. District Court for the Central District of California alleges that ImmunityBio and its Executive Chairman, Dr. Patrick Soon-Shiong, overstated the capabilities of Anktiva in public communications, inflating the company’s stock price during the class period from January 19, 2026, through March 24, 2026. When the FDA publicly released a warning letter on March 24, 2026, ImmunityBio shares fell $1.98 per share, or approximately 21%, closing at $7.42. Investors who purchased IBRX securities during the class period may have suffered significant losses as a result of the alleged conduct.
If you purchased IBRX securities during the class period, you may want to learn more about your potential legal rights.
About ImmunityBio and Its Lead Product
ImmunityBio, Inc. is a Delaware-incorporated biotechnology company with its principal executive offices located in San Diego, California, and laboratory facilities in Culver City and El Segundo, California. The company’s common stock trades on the Nasdaq Global Select Market under the ticker symbol IBRX.
The lawsuit centers on Anktiva, ImmunityBio’s lead biologic product. Anktiva is an IL-15 receptor agonist approved, in combination with BCG, for adult patients with BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ, with or without papillary tumors. The drug is approved for intravesical use only, meaning it is administered directly into the bladder rather than by injection or other systemic routes.
What the Lawsuit Alleges
The lawsuit alleges that ImmunityBio and Dr. Soon-Shiong made materially false and misleading public statements about Anktiva by overstating the capabilities, approved uses, and efficacy of Anktiva. Specifically, the complaint alleges that public statements portrayed Anktiva as capable of treating all cancers, preventing cancer in patients exposed to radiation, and functioning as a cancer vaccine, none of which, according to the complaint and the FDA warning letter it quotes, were supported by FDA approval or data identified by the agency. The overarching theme of the case is that these alleged misrepresentations artificially inflated the price of IBRX securities during the class period, only for the stock to fall sharply when the FDA publicly disclosed its concerns.
Investors who held IBRX shares during the class period are encouraged to follow this case and learn more about developments as they unfold.
What Company Executives Allegedly Said
On January 19, 2026, Dr. Soon-Shiong appeared on a podcast titled “Is the FDA BLOCKING Life Saving Cancer Treatments?” that originally aired on The Sean Spicer Show. A link to the podcast was subsequently posted on ImmunityBio’s own website. During the podcast, Dr. Soon-Shiong allegedly described IL-15 as “the most important molecule that could cure cancer” and stated that Anktiva, which he called a “single jab,” was capable of treating “all cancers” and was “on the path to curing the cancer.”
The complaint also alleges that Dr. Soon-Shiong stated during the podcast that “we have the therapy to prevent cancer if you were exposed to radiation, and that’s Anktiva,” while the screen displayed a patient brochure for the drug. He also allegedly claimed that Anktiva is the only treatment capable of rescuing patients with lung cancer who had failed checkpoint inhibitors, a use for which Anktiva has no FDA approval. The podcast was not submitted to the FDA at the time of its initial dissemination, as required by federal regulations, according to the warning letter cited in the complaint.
How the Alleged Truth Emerged
On March 24, 2026, a warning letter dated March 13, 2026, from the FDA’s Office of Prescription Drug Promotion to ImmunityBio CEO Richard Adcock was publicly disclosed. The warning letter addressed both the January 2026 podcast and an undated television advertisement, finding that both were false or misleading and that they misbranded Anktiva under the Federal Food, Drug, and Cosmetic Act.
The FDA’s warning letter stated that the promotional materials misleadingly suggested Anktiva would allow all NMIBC patients to remain cancer-free over the long term, a claim the FDA said was not supported by clinical data. The agency further noted that Anktiva is not a vaccine, is not approved for all cancers or for cancer prevention, and that its efficacy as a single agent has not been established, as the single-agent cohort of the pivotal QUILT-3.032 trial was stopped early for futility. On the day this warning letter was made public, IBRX shares declined by approximately 21%, falling $1.98 per share to close at $7.42.
Why This Case May Matter to Shareholders
The lawsuit alleges that investors who purchased IBRX securities between January 19, 2026, and March 24, 2026, did so at prices artificially inflated by the defendants’ alleged misrepresentations about Anktiva’s therapeutic scope, mechanism, and regulatory standing. When the FDA’s warning letter became public, the alleged corrective disclosure removed the artificial inflation from the stock price, resulting in substantial losses for shareholders who purchased during the class period.
The case highlights how statements made in non-traditional media formats, such as podcasts and television advertisements, can serve as the basis for securities fraud allegations when attributed to company executives and alleged to contain material misrepresentations. Investors who bought shares in reliance on a market that had absorbed those statements may have a basis to participate in any eventual recovery.
The Legal Claims Being Made
The complaint asserts claims under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, as well as Section 20(a) of the Exchange Act against Dr. Soon-Shiong as a controlling person. The plaintiff alleges that defendants knowingly or recklessly made materially false and misleading statements regarding Anktiva’s approved uses, clinical efficacy, and mechanism of action, and that those statements caused the company’s stock to trade at artificially inflated prices during the class period.
If you purchased IBRX securities during the class period and wish to learn more about your potential rights, you are encouraged to seek further information.
About Levi & Korsinsky, LLP
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