The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of shareholders who purchased or otherwise acquired ImmunityBio, Inc. (“ImmunityBio” or the “Company”) (NASDAQ: IBRX) securities between January 19, 2026 and March 24, 2026, inclusive (the “Class Period”). ImmunityBio investors have until May 26, 2026 to file a lead plaintiff motion.

What Happened?

On March 24, 2026, Bloomberg reported that ImmunityBio had receive a Warning Letter from the U.S. Food and Drug Administration (“FDA”) stating that the Company’s Executive Chairman and Global Chief Scientific and Medical Officer, Patrick Soon-Shiong, made inaccurate claims on a podcast regarding the Company’s lead biologic product, Anktiva, including that the drug “can cure and even prevent all cancer.” The FDA thus “determined that the TV ad and podcast are false or misleading” and “make the distribution of the drug in violation of the Federal Food, Drug, and Cosmetic Act.”

On this news, ImmunityBio’s stock price fell $1.98, or 21.12%, to close at $7.42 per share on March 24, 2026, thereby injuring investors.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendant Soon-Shion materially overstated Anktiva’s capabilities; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.