ImmunityBio, Inc. Lawsuit Submission Form

Introduction to ImmunityBio (IBRX) Securities Class Action Lawsuit

A securities fraud class action lawsuit has been filed against ImmunityBio, Inc. (IBRX) and its Executive Chairman, Dr. Patrick Soon-Shiong, on behalf of investors who purchased or otherwise acquired ImmunityBio securities between January 19, 2026 and March 24, 2026. The complaint, filed in the United States District Court for the Central District of California, alleges that during the class period, Dr. Soon-Shiong made materially false and misleading statements about the capabilities of Anktiva, the Company's lead biologic product, including claims that it could treat "all cancers," cure cancer, and prevent cancer — assertions the U.S. Food and Drug Administration subsequently determined were false. On March 24, 2026, when the FDA's Warning Letter was publicized, ImmunityBio's stock price fell $1.98 per share, or 21%, to close at $7.42, causing significant losses to shareholders who purchased IBRX shares during the class period.

ImmunityBio (IBRX) Company Profile

ImmunityBio, Inc. is a biotechnology company whose common stock trades on the Nasdaq Global Select Market under the ticker symbol IBRX. The Company's lead biologic product is ANKTIVA (Anktiva), which is approved for the treatment of a specific type of bladder cancer known as BCG-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS).

ImmunityBio (IBRX) Securities Lawsuit Class Period

January 19, 2026 – March 24, 2026

Investors who purchased or acquired ImmunityBio (IBRX) securities during the Class Period may be entitled to seek recovery under the federal securities laws.

Allegations in the ImmunityBio (IBRX) Securities Class Action Lawsuit

The ImmunityBio securities class action lawsuit names ImmunityBio, Inc. and Dr. Patrick Soon-Shiong, the Company's Executive Chairman and Global Chief Scientific and Medical Officer, as defendants. The complaint alleges that on January 19, 2026, Dr. Soon-Shiong appeared on a podcast episode of The Sean Spicer Show, a link to which was posted on ImmunityBio's website, and made a series of materially false and misleading statements about the capabilities of the Company's lead drug, Anktiva.

Specifically, the complaint alleges that Dr. Soon-Shiong stated on the podcast that Anktiva was "the most important molecule that could cure cancer," that it was "approved for bladder cancer, but it actually can treat all cancers," and that it was "on the path to curing the cancer." He further claimed that ImmunityBio had "the therapy to prevent cancer if you were exposed to radiation, and that's Anktiva." Additionally, the on-screen visuals during the podcast labeled Anktiva as a "Cancer Therapeutic Vaccine (BioShield)." Dr. Soon-Shiong also claimed that for patients who fail checkpoint inhibitor therapy, "the only thing that can rescue it is Anktiva," suggesting the drug was effective for lung cancer and other cancers beyond its approved indication.

According to the complaint, these statements were materially false and misleading because Anktiva was approved only for a narrow indication — BCG-unresponsive, high-risk, non-muscle invasive bladder cancer with CIS — and its efficacy had been established only in combination with BCG, not as a single agent. The complaint further alleges that Anktiva is not a vaccine, has no demonstrated preventative effect in patients without cancer, and is not approved for the treatment of "all cancers" or lung cancer. Moreover, the representation of Anktiva as a "single jab" administered subcutaneously was allegedly misleading, as the drug's labeling specifies it is for intravesical use only and should not be administered by subcutaneous, intravenous, or intramuscular routes.

The complaint alleges that Defendant Soon-Shiong materially overstated Anktiva's capabilities and that, as a result, the defendants' statements about ImmunityBio's business, operations, and prospects were materially false and misleading and lacked a reasonable basis throughout the class period.

The Truth Emerges

On March 24, 2026, a warning letter dated March 13, 2026 from the U.S. Food and Drug Administration to ImmunityBio CEO Richard Adcock was publicized. The FDA's Warning Letter determined that both a television advertisement and the January 19, 2026 podcast featuring Dr. Soon-Shiong were "false or misleading," stating that the promotional communications misbranded Anktiva in violation of the Federal Food, Drug, and Cosmetic Act. The FDA found that the representations "misleadingly suggest that Anktiva will allow all NMIBC patients treated with Anktiva to be cancer-free for the long term, when this has not been demonstrated," that the claim Anktiva is a cancer vaccine was false, and that the promotional materials provided evidence Anktiva was being promoted for unapproved uses for which its labeling did not provide adequate directions.

Also on March 24, 2026, Bloomberg published an article entitled "ImmunityBio Plunges After Getting FDA Warning on Cancer Drug," reporting that ImmunityBio's shares had plunged after the company and Dr. Soon-Shiong were hit with the FDA warning letter for false and misleading promotion of Anktiva. The article highlighted that the Warning Letter took issue with the podcast episode of The Sean Spicer Show in which Dr. Soon-Shiong stated that Anktiva could treat "all cancers." The revelations directly contradicted the statements made by Dr. Soon-Shiong during the class period, exposing the material gap between the defendants' promotional claims and the actual scope of Anktiva's approval and demonstrated efficacy.

Market Reaction

Following the publication of the FDA Warning Letter on March 24, 2026, ImmunityBio common stock fell $1.98 per share, or 21%, to close at $7.42 per share. The sharp decline reflected the market's reaction to the disclosure that the FDA had determined Dr. Soon-Shiong's promotional statements about Anktiva were false and misleading, and that the Company's drug had been promoted for uses far beyond its approved indication. As a result of this stock price decline, investors who purchased ImmunityBio securities during the class period suffered significant losses.

Next Steps

●                The Court will issue its order for lead plaintiff and counsel in the weeks after submissions are due.

●                The Court will then consider motion for class certification.

●                The Court will later consider a Motion to Dismiss.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.

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