Unfortunately, our firm is no longer considering potential clients for this litigation.
The deadline to seek lead plaintiff status has now closed.
Peiffer Wolf is investigating ImmunityBio, Inc. (NASDAQ: IBRX) for potential violations of SEC Rule 10b-5 and related federal securities laws in connection with alleged material misrepresentations about the company’s approved cancer immunotherapy drug, Anktiva.
ImmunityBio, Inc. is a commercial-stage biopharmaceutical company focused on cancer immunotherapy. It’s common stock trades on the Nasdaq Stock Market under the ticker “IBRX.” A recent federal court complaint claims the company violated SEC Rule 10b-5, which prohibits misleading or omitting crucial information in securities transactions.
If you invested in ImmunityBio securities between January 19, 2026 and March 24, 2026 (the “Class Period”) and suffered losses, Contact Us as soon as possible for a Free Case Evaluation.
The deadline to seek lead plaintiff status in this lawsuit is May 26, 2026.
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.
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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.
FAQ
What is the ImmunityBio lawsuit about?
A federal securities complaint alleges that ImmunityBio, Inc. and its Executive Chairman Dr. Patrick Soon-Shiong violated SEC Rule 10b-5 by making materially false and misleading public statements about the Company’s FDA-approved drug Anktiva. During a podcast appearance on January 19, 2026, Dr. Soon-Shiong made four categories of false statements — claiming Anktiva can treat “all cancers,” that it is “on the path to curing the cancer,” that it functions as a “cancer vaccine,” and that it is administered as a “single jab.” The FDA subsequently issued a formal Warning Letter on March 13, 2026, confirming that each of these statements was false and misleading. The Company’s stock declined approximately 21% when the Warning Letter became public on March 24, 2026.
Who is included in the Class Period, and what do investors need to have experienced?
The Class Period is January 19, 2026 through March 24, 2026. Investors who purchased ImmunityBio (NASDAQ: IBRX) securities during this period and suffered losses may be eligible to participate. The deadline to seek appointment as lead plaintiff is May 26, 2026.
What events allegedly impacted the stock price?
On January 19, 2026, Dr. Soon-Shiong made materially false and misleading statements about Anktiva on a public podcast, which the complaint alleges artificially inflated the Company’s stock price during the Class Period.
On March 13, 2026, the FDA issued a formal Warning Letter to ImmunityBio finding that Dr. Soon-Shiong’s podcast statements were false and misleading and directing corrective action.
On March 24, 2026, the FDA Warning Letter became public. ImmunityBio’s stock fell $1.98 per share, or approximately 21%, on unusually heavy trading volume of over 55 million shares.
Which laws does the complaint allege were violated, and what do they mean?
The complaint asserts violations of:
- Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5, which prohibit making materially false or misleading statements or omitting material facts in connection with the purchase or sale of securities.
- Section 20(a) of the Securities Exchange Act of 1934 (control person liability), which can hold individuals who control a company — such as Executive Chairman Dr. Patrick Soon-Shiong — liable for the Company’s alleged securities law violations.
How can I get a free case evaluation?
Peiffer Wolf is investigating these claims. You can request a Free Case Evaluation by filling out an online form or calling 585-310-5140. The case is in the United States District Court for the Central District of California and the lead plaintiff deadline is May 26, 2026.
