| COMPANY |
Immunovant, Inc. |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
21-cv-00918 |
| JUDGE |
The Honorable Kiyo A. Matsumoto |
| CLASS PERIOD |
October 2, 2019 - February 1, 2021 |
| SECURITY TYPE |
Common Stock |
Case Background:
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 entered Order granting Motion to Dismiss with prejudice. The Court entered Judgment on April 5, 2024. This action has concluded.
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