ImmunityBio, Inc. (IBRX) Faces Securities Class Action Amid FDA Warning Regarding Unsupported Cancer Treatment Claims, $2 Billion Market Capitalization Wiped Out -- Hagens Berman
SAN FRANCISCO - ImmunityBio, Inc. (NASDAQ: IBRX) faces a securities class action lawsuit which seeks to represent investors who purchased or otherwise acquired ImmunityBio securities between January 19, 2026 and March 24, 2026.
The lawsuit follows news that the FDA sent a warning letter to the company concerning claims made by its executive chairman and Chief Scientific and Medical Officer (Dr. Patrick Soon-Shiong) regarding ImmunityBio’s lead biologic product (Anktiva), which the FDA said were misleading efficacy claims.
This news drove the price of ImmunityBio shares down over 21% on March 24, 2026.
The developments have prompted national shareholders rights firm Hagens Berman to investigate claims that ImmunityBio violated the federal securities laws.
The firm urges investors in ImmunityBio who suffered significant losses to submit your losses now. The firm also encourages witnesses who may be able to assist in the investigation to contact its attorneys.
Class Period: Jan. 19, 2026 – Mar. 24, 2026
Lead Plaintiff Deadline: May 26, 2026
Visit: www.hbsslaw.com/investor-fraud/ibrx
Contact the Firm Now: [email protected], 844-916-0895
ImmunityBio, Inc. (IBRX) Securities Class Action:
ImmunityBio is a biotechnology company focused on innovating, developing, and commercializing next-generation immunotherapies designed to activate the patient’s immune system and deliver durable protection against cancer and infectious diseases.
The company’s Anktiva is an FDA-approved immunotherapy used with Bacillus Calmette-Guérin (“BCG”) to treat non-muscle invasive bladder cancer (“NMIBC”).
The lawsuit is focused on the propriety of ImmunityBio’s claims about Anktiva’s efficacy for treating other forms of cancer.
On January 19, 2026, a direct-to-consumer podcast (“Is the FDA BLOCKING Life Saving Cancer Treatments?”) aired, featuring Soon-Shiong. During the podcast, he said in part that, while Anktiva is approved for bladder cancer, “it actually can treat all cancers.” Soon-Shiong made other questionable claims about Anktiva, which together were flagged by the FDA as misleading.
On March 24, 2026, the financial press reported that the FDA sent a warning letter to ImmunityBio over claims made in the podcast and a TV ad. The warning letter states the “FDA has determined that the TV ad and podcast are false or misleading.” The FDA explained, “the promotional materials create the misleading impression that Anktiva, a treatment for a certain type of bladder cancer, can cure and even prevent all cancer.”
In addition, the FDA warned that “the representations in the TV ad and podcast misleadingly suggest that Anktiva will allow all NIMBC patients treated with Anktiva to be cancer-free for the long term, when this has not been demonstrated” and “we are not aware of data that support the efficacy claims and representations that Anktiva can ‘cure’ cancer.”
The FDA also said ImmunityBio’s promotional materials were misleading because “they fail to provide material information regarding Anktiva’s full FDA-approved indication.”
Lastly, the FDA warned that ImmunityBio’s “consistent and pervasive misleading efficacy claims and representations presented across promotional materials on different platforms are especially concerning from a public health perspective, given they grossly misrepresent the benefits of Anktiva.”
This news drove the price of ImmunityBio shares down over 21% on March 24, 2026, erasing nearly $2 billion of the company’s market capitalization.
“We’re investigating claims that ImmunityBio intentionally misled investors about Anktiva efficacy and indications,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
If you invested in ImmunityBio and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the ImmunityBio case and the firm’s investigation, read more »
Whistleblowers: Persons with non-public information regarding ImmunityBio should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
