Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) securities.
If you suffered a loss on your Iovance investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Aug 08 2024 - May 08 2025
CASE DETAILS: According to the complaint, throughout the class period, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Iovance’s growth potential; notably, that it was not equipped to generate and drive demand or was otherwise ill equipped to capitalize upon the purported existing demand for its treatments through its network of approved treatment centers. On July 25, 2024, Iovance announced its financial results for the second quarter of fiscal 2024 and reduced its revenue guidance for the full fiscal year 2024. The Company attributed its results and lowered guidance on 1) “the iCTC completed annual scheduled maintenance in December” and “capacity was reduced by more than half for about 1 month,” 2) “[l]ower Proleukin sales” than the company expected, and 3) “the variable pace at which ATCs began treatment patients.” Following this news, the price of Iovance’s common stock declined dramatically. From a closing market price of $3.17 per share on May 8, 2025, Iovance’s stock price fell to $1.75 per share on May 9, 2025, a decline of about 44.795% in the span of just a single day.
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