SAN FRANCISCO, May 20, 2021 /PRNewswire/ — Hagens Berman urges Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims. Hagens Berman also invites persons who may be able to assist the firm’s investigation to contact the firm.
Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) Investigation:
The investigation focuses on Iovance’s statements about lifileucel, its lead experimental medicine for advanced melanoma, a deadly skin cancer.
In past months, the company expressed confidence in satisfying all data commitments to the FDA concerning its Biologics License Application (“BLA”) for lifileucel, that it would submit the BLA in 2021, and emphasized its plan to provide clinical data updates during the prestigious American Society of Clinical Oncology (“ASCO”) Annual Meeting to be held June 4 – 8, 2021.
These statements were brought into question on May 18, 2021, when Iovance announced it received regulatory feedback from the FDA regarding the company’s potency assays for lifileucel. The company said that following the feedback it would have to conduct more work developing and validating potency assays and delay its BLA submission for lifileucel until the first half of 2022.
Then, just hours afterwards, Iovance announced its CEO Maria Fardis abruptly resigned. The news comes on the heels of Iovance having replaced its CFO just five months ago.
This news sent the price of Iovance shares crashing lower on May 19, 2021.
“We’re focused on investors’ losses and determining whether Iovance failed to disclose known problems in the lifileucel data,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Iovance investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
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:[email protected].
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP