ImmunityBio, Inc. Securities Investigation

ImmunityBio Stock | What Happened

According to a complaint filed in the U.S. District Court for the Central District of California, the alleged violations stem from a podcast appearance on January 19, 2026, where Dr. Patrick Soon-Shiong made several unsubstantiated claims about Anktiva. These statements were later contradicted by a formal U.S. Food and Drug Administration (FDA) Warning Letter dated March 13, 2026, which was publicized on March 24, 2026. The lawsuit alleges the following:

• False Claims of Scope and Efficacy – Soon-Shiong claimed Anktiva “actually can treat all cancers” and is “the most important molecule that could cure cancer,” despite the drug being FDA-approved only for a specific type of non-muscle invasive bladder cancer (NMIBC).
• Misleading “Cancer Vaccine” Characterization – Soon-Shiong described Anktiva as a “cancer vaccine” that could “prevent cancer if you were exposed to radiation,” a claim the FDA determined was false.
• Inaccurate Administration Method – Soon-Shiong repeatedly referred to the drug as a “single jab” or a “vial that you inject subcutaneously”. The FDA’s approved labeling explicitly states Anktiva is for intravesical use only (delivered directly into the bladder) and should not be administered via subcutaneous, intravenous, or intramuscular routes.
• Unsubstantiated “Rescue” Therapy Claims – Soon-Shiong suggested Anktiva could “rescue” patients when other treatments, such as lung cancer checkpoint inhibitors, fail, despite lacking approval for such use.

IMPACT ON INVESTORS

On March 24, 2026, the Warning Letter was publicized. The FDA determined that the podcast and related advertisements were false or misleading, misbranded the drug, and promoted it for unapproved uses.

Following this news, ImmunityBio’s stock price plummeted $1.98 per share, or approximately 21%, to close at $7.42 per share on March 24, 2026.

ImmunityBio Lawsuit | Legal Claims

The complaint asserts that the defendants’ actions violate federal securities laws, specifically:

• Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 – These provisions prohibit the use of any manipulative or deceptive device in connection with the purchase or sale of securities. The complaint alleges that ImmunityBio and Dr. Soon-Shiong violated these provisions by making materially false and misleading public statements about Anktiva’s therapeutic capabilities, scope of approved use, administration method, and curative potential — statements the FDA subsequently confirmed were false.
• Section 20(a) of the Securities Exchange Act of 1934 (Control Person Liability) – Section 20(a) provides that individuals who control a company can be held liable for the company’s securities law violations. The complaint alleges that Dr. Patrick Soon-Shiong, as Executive Chairman and controlling shareholder, had the power to control ImmunityBio’s public statements and is therefore liable for the alleged violations.

FREE Consultation | 585-310-5140

ImmunityBio’s Executive Chairman allegedly misled investors by publicly claiming that Anktiva — a drug approved solely for a specific bladder cancer indication — can treat “all cancers,” is “on the path to curing the cancer,” functions as a “cancer vaccine,” and can be administered as a simple “single jab.” The FDA formally found each of these statements to be false and misleading, issuing a Warning Letter that became public on March 24, 2026, and triggered a significant stock price decline.

Peiffer Wolf is currently investigating potential Rule 10b-5 violations involving ImmunityBio securities sold to retail investors. If you purchased IBRX (NASDAQ: IBRX) securities during the Class Period and suffered losses, Contact Us for a Free Case Evaluation by filling out an online form or calling 585-310-5140.

Important: The deadline to seek lead plaintiff status in this lawsuit is May 26, 2026.