NEW YORK, NY / ACCESS Newswire / May 16, 2025 / The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Iovance Biotherapeutics, Inc. (“Iovance” or the “Company”) (NASDAQ:IOVA) securities during the period from August 8, 2024, through May 8, 2025 (“the Class Period”). Investors have until July 14, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On May 8, 2025, Iovance released its first quarter 2025 financial results, revealing a quarterly total product revenue of $49.3 million, a significant decline from the prior quarter’s $73.7 million. The Company also announced that its full fiscal year 2025 total product revenue guidance had been slashed from $450 million – $475 million to $250 million – $300 million, a reduction of over 40% at the midpoint. The Company stated it was “revising full-year 2025 revenue guidance to reflect recent launch dynamics” of the Company’s T cell immunotherapy, Amtagvi (lifileucel). Amtagvi was commercially launched in the U.S. in the first half of 2024. On this news, the price of Iovance shares declined by $1.42 per share, or approximately 44%, from $3.17 per share on May 8, 2025, to close at $1.75 on May 9, 2025.
The complaint alleges that defendants, throughout the Class Period, failed to disclose that it was not equipped to generate and drive demand or was otherwise ill equipped to capitalize upon the purported existing demand for its treatment through its network of approved treatment centers.
If you purchased or otherwise acquired Iovance securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
SOURCE: Kirby McInerney LLP
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