Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Immunovant, Inc. (“Immunovant”) (NASDAQ: IMVT) common stock between October 2, 2019 and February 1, 2021, inclusive (the “Class Period”).
The Class Period commences on October 2, 2019, when HSAC and Legacy Immunovant issued a press release announcing the Merger. That press release touted the prospects of IMVT-1401, stating, in relevant part, that IMVT-1401 “is the result of a multi-year research program . . . to engineer a highly potent anti-FcRn antibody specifically optimized for subcutaneous injection with a small gauge needle”; that “IMVT-1401 is currently being tested in a Phase 2a trial for Graves’ ophthalmopathy (potentially a first-in-class anti-FcRn), with top-line data expected by Q1 2020”; and that “[Legacy] Immunovant also plans to file an IND [investigational new drug application] for . . . [WAIHA], later this year.”
The complaint alleges that, throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose that: (1) HSAC had performed inadequate due diligence into Legacy Immunovant prior to the Merger, and/or ignored or failed to disclose safety issues associated with IMVT-1401; (2) IMVT-1401 was less safe than Immunovant had led investors to believe, particularly with respect to treating TED and WAIHA; (3) the foregoing foreseeably diminished IMVT-1401’s prospects for regulatory approval, commercial viability, and profitability; and (4) as a result, Immunovant’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On March 29, 2024, the Court granted Defendants’ Motion to Dismiss. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
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Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.