NEW YORK, May 16, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Iovance Biotherapeutics, Inc. (“Iovance” or the “Company”) (NASDAQ:IOVA) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired Iovance securities between May 9, 2024 and May 8, 2025, both dates inclusive (the “Class Period”). Investors have until July 14, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
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.
If you purchased or otherwise acquired Iovance shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
