ImmunityBio Inc. Faces Securities Fraud Class Action and Shareholder Derivative Litigation Settlement
ImmunityBio Inc. is currently involved in a series of legal proceedings, including a federal securities fraud class action lawsuit and a consolidated derivative action. The Securities Class Action, titled "In re ImmunityBio, Inc. Securities Litigation," was filed by investors against the company and certain officers, alleging misconduct that led to a decline in the company's stock price. In response to these allegations, a demand was made to inspect the company's books and records, resulting in the release of over 600 pages of internal corporate documents. A proposed settlement for the derivative action has been submitted, and current shareholders have been notified of the terms. The U.S. District Court for the Southern District of California is overseeing these proceedings, with a focus on resolving the issues raised by the shareholders.
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