ImmunityBio, Inc. Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of California against ImmunityBio, Inc.

LEAD PLAINTIFF DEADLINE IS AUGUST 29, 2023

NEW YORK and SAN DIEGO, July 28, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf  Haldenstein") announces that a class action lawsuit has been filed against ImmunityBio, Inc. ("ImmunityBio" or the "Company") (NASDAQ: IBRX) in the United States District Court for the Southern District of California, on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired ImmunityBio securities between May 23, 2022 and May 10, 2023, both dates inclusive (the "Class Period").

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than August 29, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

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In May 2022, ImmunityBio submitted a Biologics License Application ("BLA") for Anktiva to the U.S. Food and Drug Administration ("FDA"). Following submission of its application, ImmunityBio consistently assured investors that "[w]e have established Good Manufacturing Practice (GMP) manufacturing capacity at scale with cutting-edge cell manufacturing expertise and ready-to-scale facilities[.]"

The filed complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:

• ImmunityBio conducted insufficient due diligence to discover, or else did discover and ignored, GMP deficiencies at its third-party CMOs for Anktiva;
• one or more of the Company's third-party CMOs for Anktiva did in fact suffer from GMP deficiencies;
• the foregoing deficiencies was likely to cause the FDA to reject the Anktiva BLA in its present form;
• accordingly, the Company overstated the regulatory approval prospects for the Anktiva BLA; and
• as a result, the Company's public statements were materially false and misleading at all relevant times.

On May 11, 2023, during pre-market hours, ImmunityBio announced that the FDA had rejected the BLA for Anktiva in its present form, citing "deficiencies relat[ing] to the FDA's pre-license inspection of the Company's third-party contract manufacturing organizations."

On this news, ImmunityBio's stock price fell $3.43 per share, or 55.14%, to close at $2.79 per share on May 11, 2023.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP