NEW YORK, April 27, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP alerts investors in ImmunityBio, Inc. (NASDAQ: IBRX) of a pending securities class action naming a senior executive as an individual defendant. Class Period: January 19, 2026 through March 24, 2026. Find out if you qualify to recover losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.
IBRX shares fell $1.98 per share, or 21%, closing at $7.42 on March 24, 2026, after an FDA Warning Letter revealed that promotional communications about the Company's lead drug were false or misleading. The Court has set May 26, 2026 as the deadline to apply for lead plaintiff appointment.
The Named Individual Defendant
Dr. Patrick Soon-Shiong served as Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio at all relevant times. He is the sole individual defendant in this securities action. The lawsuit asserts that Soon-Shiong directly participated in the management of the Company at the highest levels, was privy to confidential proprietary information, and was directly involved in drafting, producing, reviewing, and disseminating the statements at issue.
Section 20(a) Control Person Framework
The complaint brings claims under Section 20(a) of the Securities Exchange Act of 1934, which imposes liability on individuals who controlled a company that violated Section 10(b). The action contends that Soon-Shiong, by virtue of his senior position, controlled the contents of reports, press releases, and public communications ImmunityBio disseminated during the Class Period. As alleged, he exercised power and authority to cause the Company to engage in the wrongful acts at issue.
Alleged Control Person Liability
The pleading asserts that Soon-Shiong's control extended to the specific promotional statements that triggered FDA enforcement:
- He personally appeared on a nationally broadcast podcast where the allegedly false claims about ANKTIVA were made
- He held dual titles giving him authority over both corporate strategy and scientific communications
- He was directly involved in the oversight and implementation of the Company's internal controls, as averred in the complaint
- The Company is alleged to be liable for his acts under respondeat superior and agency principles
- His scienter is imputed to ImmunityBio under common law agency doctrines
Sarbanes-Oxley Certification Obligations
As a senior officer of a publicly traded company, Soon-Shiong had a duty to disseminate accurate and truthful information with respect to the Company's business, operations, and prospects. The complaint charges that he knew or recklessly disregarded that his public statements were materially false and misleading, and that he failed to correct statements that had become misleading in light of FDA regulatory requirements governing drug promotion.
"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. When an executive personally delivers promotional claims about a regulated product that the FDA subsequently determines are false or misleading, serious questions arise about individual accountability." -- Joseph E. Levi, Esq.
Speak with an attorney about recovering damages or call (212) 363-7500.
Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.
Frequently Asked Questions About the IBRX Lawsuit
Q: Who are the defendants named in the IBRX lawsuit? A: The complaint names ImmunityBio, Inc. and Dr. Patrick Soon-Shiong, the Company's Executive Chairman and Global Chief Scientific and Medical Officer, who personally made the allegedly false promotional statements about ANKTIVA on a nationally broadcast podcast.
Q: What is the IBRX class action lawsuit about? A: A securities class action has been filed against ImmunityBio alleging materially false and misleading statements between January 19, 2026 and March 24, 2026. Shares fell approximately 21% after an FDA Warning Letter revealed that promotional claims about ANKTIVA were false or misleading, causing significant losses for shareholders.
Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.
Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: What if I already sold my IBRX shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the class period and sold at a loss may still participate.
Q: How do I know if I lost enough money to be the lead plaintiff? A: There is no minimum loss threshold. Courts appoint the investor with the largest provable loss who is willing and able to represent the class adequately. Contact Levi & Korsinsky before May 26, 2026 to evaluate.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
