Full Press Release Details
SAN FRANCISCO, May 14, 2025 (GLOBE NEWSWIRE) -- In a dramatic turn for Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), investors watched the company’s shares plunge nearly 44% on May 9, 2025, after the San Carlos-based cell therapy pioneer reported a first-quarter revenue miss that sharply contradicted earlier upbeat assurances from management.
Hagens Berman is now investigating whether Iovance violated U.S. securities laws and urges Iovance investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.
Contact the Firm Now: IOVA@hbsslaw.com
Iovance, which develops and commercializes novel cell therapies-most notably Amtagvi, its tumor-infiltrating lymphocyte (TIL) therapy for melanoma and metastatic cervical cancer-has positioned itself as a leader in harnessing the immune system to target cancer cells.
Confident Statements on Maintenance
Earlier this year, Iovance’s management painted a reassuring picture for investors regarding its annual maintenance cycle. On February 27, executives emphasized that each facility’s maintenance required only a “short pause in production,” and declared, “I’m pleased to report that iCTC successfully completed annual maintenance and resumed production promptly at full volume with no issues.” The company’s state-of-the-art Iovance Cell Therapy Center (iCTC) in Philadelphia, a 136,000-square-foot manufacturing hub, was said to be back online without disruption.
That narrative shifted abruptly with Iovance’s Q1 2025 earnings report. The company reported a loss of 36 cents a share on revenue of $49 million, well short of Wall Street’s consensus for a loss of 24 cents on revenue of $82 million. On the subsequent earnings call, Chief Operating Officer Igor Bilinsky disclosed that the iCTC’s annual maintenance had actually reduced capacity by 50% for an entire month in December 2024-an operational bottleneck that limited the number of Amtagvi infusions available in the first quarter.
This news sent the price of Iovance shares down $1.42, or about 44% lower, on May 9, 2025.
Hagens Berman’s Investigation
In the wake of these revelations, Hagens Berman, a prominent class action law firm, announced it has opened an investigation into potential violations of U.S. securities laws by Iovance. The investigation focuses on the propriety of Iovance’s disclosures concerning the adverse financial impact associated with its annual maintenance of its iCTC.
“We’re concerned that Iovance may have misled investors about the magnitude of the adverse financial impact resulting from iCTC maintenance,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Iovance and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Iovance investigation, read more »
Whistleblowers: Persons with non-public information regarding Iovance should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email IOVA@hbsslaw.com.
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.