Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Iovance Biotherapeutics, Inc. who purchased shares between May 9, 2024 and May 8, 2025.
Iovance and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 8, 2025, the Company announced its 1Q 2025 financial results, disclosing a quarterly total product revenue of $49.3M, a significant decline from the prior quarter’s $73.7M, as well as a 40% cut to its full fiscal year 2025 total product revenue guidance from a range of $450M – $475M to $250M – $300M. Further, the Company revealed it was “revising full-year 2025 revenue guidance to reflect recent launch dynamics” of Amtagvi and that “[t]he updated forecast considers experience with ATC [authorized treatment center] growth trajectories and treatment timelines for new ATCs.”
On this news, the price of Iovance’s shares fell 44.8%, from $1.42 per share to close at $1.75 per share on May 9, 2025, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 15, 2025 to request that the court appoint them lead plaintiff.