Proposed Class Action Settlement for ImmunityBio Securities
Overview of the Class Action Settlement
Pomerantz LLP and Holzer & Holzer, LLC have announced a proposed class action settlement involving ImmunityBio, Inc. This legal action stems from allegations that the company may have misled investors regarding key aspects of its operations.
Details of the Case
The class action, filed in the United States District Court for the Southern District of California, focuses on allegations made against ImmunityBio regarding potential violations of federal securities laws. Specifically, the complaint asserts that the company made false statements or omitted crucial information which affected investors' decisions. These allegations center on claims that ImmunityBio may not have adhered to good manufacturing practices or adequately disclosed its manufacturing capabilities and prospects related to its leading product candidate, Anktiva.
History of the Litigation
This case has been actively litigated since mid-2023, following significant concerns raised by investors about the company's operational transparency. Lead Plaintiff and researchers from the plaintiffs' law firms allege that these misrepresentations resulted in financial harm to investors during the specified time frame.
Settlement Overview
The proposed settlement involves a total of $10.5 million which aims to compensate those who purchased ImmunityBio securities from March 10, 2021, to May 10, 2023. The settlement is intended to provide relief to shareholders affected during this period, serving to resolve the ongoing action against the company.
Important Dates for Investors
It is crucial for investors who acquired ImmunityBio securities during the settlement class period to be aware of the upcoming important dates. A hearing is scheduled to take place for the court to review the proposed settlement. This hearing is set to occur before Judge Gonzalo P. Curiel. Investors interested in participating must submit a Proof of Claim and Release Form by the deadline of July 7, 2025.
Exclusion and Objection Procedures
Investors wishing to exclude themselves from the settlement class must do so by submitting a formal request by May 23, 2025. Those who choose not to exclude themselves will be bound by the court's judgment regarding the settlement.
Objecting to the Settlement
If an investor disagrees with any terms of the settlement, they have the right to file objections. Any such objections must be submitted to the court and sent to the involved parties by the same May 23, 2025 deadline.
Contact Information
Investors seeking more information about the settlement can reach out to Co-Lead Counsel. For direct inquiries, Jeremy Lieberman from Pomerantz LLP and Corey D. Holzer from Holzer & Holzer, LLC can provide additional guidance on the settlement process.
Frequently Asked Questions
What is the proposed settlement amount for ImmunityBio?
The proposed settlement amount is $10.5 million for eligible investors.
Who is eligible to participate in the settlement?
All persons or entities that purchased ImmunityBio securities from March 10, 2021, to May 10, 2023, are eligible.
What must investors do to claim their share?
Investors must submit a Proof of Claim and Release Form by July 7, 2025, to be considered for compensation.
Can investors object to the settlement terms?
Yes, investors can object, but they must file their objections with the court by May 23, 2025.
Who can I contact for further questions about the settlement?
Investors can contact Co-Lead Counsel, Jeremy Lieberman or Corey D. Holzer, for further assistance regarding the settlement.
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