Full Press Release Details
SAN FRANCISCO, May 22, 2025 (GLOBE NEWSWIRE) -- Biotechnology firm Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) is facing a securities class action lawsuit in the Northern District of California, alleging that the company misled investors about its growth potential and ability to capitalize on demand for its cancer treatments. The case, Farberov v. Iovance Biotherapeutics, Inc., et al., centers on statements made between May 9, 2024, and May 8, 2025, a period that includes an expansion from the initial August 2024 start date.
Hagens Berman is investigating the claims 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.
Class Period: May 9, 2024 – May 8, 2025
Lead Plaintiff Deadline: July 14, 2025
Contact the Firm Now: IOVA@hbsslaw.com
The Iovance Biotherapeutics, Inc. (IOVA) Securities Class Action
The complaint, filed on behalf of investors who purchased or acquired Iovance securities during the specified period, claims that the company and certain of its executives disseminated "overwhelmingly positive statements" while simultaneously concealing "material adverse facts" regarding Iovance's readiness to meet market demand. Specifically, the lawsuit alleges that Iovance was not adequately equipped to generate and drive demand or effectively utilize its network of approved treatment centers to capitalize on existing interest in its therapies.
The investors point to a significant stock price drop on May 9, 2025, as evidence of the alleged misinformation. On that day, Iovance's shares plummeted approximately 44.8%, falling from a closing price of $3.17 to $1.75. This sharp decline followed the company's announcement on July 25, 2024, of its second-quarter fiscal 2024 financial results and a downward revision of its full-year revenue guidance.
In its July announcement, Iovance attributed the lower guidance to several factors, including a month-long significant reduction in manufacturing capacity due to scheduled annual maintenance at its innovative cell therapy center (iCTC) in December. The company also cited lower-than-expected sales of Proleukin, an existing Iovance therapy, and the "variable pace at which ATCs began treatment patients" with its newer cell therapies.
The lawsuit argues that these disclosures revealed previously concealed issues that negatively impacted the company's growth prospects. Investors contend that the earlier positive statements painted an inaccurate picture of Iovance's operational readiness and the true trajectory of its commercialization efforts.
Hagens Berman’s Investigation
National investor-rights law firm Hagens Berman is investigating the alleged claims on behalf of Iovance investors.
“We are looking into the possibility that Iovance misled investors regarding its capacity to meet anticipated demand for its treatments," 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 case and our 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.
Reed Kathrein, 844-916-0895