Trending...
- New Home of the Month: Spacious Luxury Meets Modern Design in The Bristol at Heritage at Manalapan
- Calvetta Phair, CEO America's Workforce Solution, LLC Assessed "Awardable" for Department of War work in the CDAO's Tradewinds Solutions Marketplace
- Thou Shalt not Commit Adultery Lifetime Movie Discussion
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Immunovant, Inc. f/k/a Health Sciences Acquisitions Corporation ("HSAC", "Immunovant", or the "Company") (NASDAQ: IMVT) securities between October 2, 2019 and February 1, 2021, inclusive (the "Class Period"). Immunovant investors have until April 20, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Immunovant investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On September 29, 2019, HSAC entered into an agreement with Immunovant Sciences Ltd. ("Legacy Immunovant") to effect a merger between the two entities (the "Merger").
Immunovant is developing IMVT-1401, a novel fully human monoclonal antibody, which is Phase IIa clinical trials for the treatment of myasthenia gravis ("MG") and thyroid eye disease ("TED"). The Company has also completed initiation of Phase II clinical trials of IMVT-1401 for the treatment of warm autoimmune hemolytic anemia ("WAIHA").
More on The PennZone
On February 2, 2021, the Company issued a press release "announc[ing] a voluntary pause of dosing in its ongoing clinical trials for IMVT-1401." The Company also disclosed that it "has become aware of a physiological signal consisting of elevated total cholesterol and LDL [low-density lipoproteins] levels in IMVT-1401-treated patients" and "[o]ut of an abundance of caution, the Company has decided to voluntarily pause dosing in ongoing clinical studies in both TED and in [WAIHA], in order to inform patients, investigators, and regulators as well as to modify the monitoring program."
On this news, the Company's stock price fell $18.22 per share, or 42.08%, to close at $25.08 per share on February 2, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 the Company 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, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
More on The PennZone
If you purchased Immunovant securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Investors suffering losses on their Immunovant investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On September 29, 2019, HSAC entered into an agreement with Immunovant Sciences Ltd. ("Legacy Immunovant") to effect a merger between the two entities (the "Merger").
Immunovant is developing IMVT-1401, a novel fully human monoclonal antibody, which is Phase IIa clinical trials for the treatment of myasthenia gravis ("MG") and thyroid eye disease ("TED"). The Company has also completed initiation of Phase II clinical trials of IMVT-1401 for the treatment of warm autoimmune hemolytic anemia ("WAIHA").
More on The PennZone
- Cabinetworks Group announces recipient of 2025 Plant of the Year
- Honesdale Painters Launch Season With Act of Community Kindness
- Tuckwell Machinery Launches New Range of Woodworking Machinery
- A Brave Little Hero with Four Paws
- Pittsburgh-Area Author Erica L. Day Releases HER, a Christian Second-Chance Romance and Its Own Comp
On February 2, 2021, the Company issued a press release "announc[ing] a voluntary pause of dosing in its ongoing clinical trials for IMVT-1401." The Company also disclosed that it "has become aware of a physiological signal consisting of elevated total cholesterol and LDL [low-density lipoproteins] levels in IMVT-1401-treated patients" and "[o]ut of an abundance of caution, the Company has decided to voluntarily pause dosing in ongoing clinical studies in both TED and in [WAIHA], in order to inform patients, investigators, and regulators as well as to modify the monitoring program."
On this news, the Company's stock price fell $18.22 per share, or 42.08%, to close at $25.08 per share on February 2, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 the Company 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, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
More on The PennZone
- Revenue Optics Expands Its Private Equity Practice as Sponsors Move Inside Sales to the Center of Distribution Value Creation
- Ecuador Freedom Launches First Scheduled Motorcycle Tour of Northern Peru's Lost Kingdoms
- Lineus Medical Completes Financial Restructuring with KMF Investments- Launching a New Era for SafeBreak
- Neuro Recovery Institute Showcases Emerging Immersive Neuro-Rehabilitation Technology at Clinical Innovation Open House
- Community, Conservation & Waterwise Inspiration Bloom on June 6
If you purchased Immunovant securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Filed Under: Business
0 Comments
Latest on The PennZone
- Christian Apocalyptic Thriller Explores Biblical Prophecy, Global Technology, & the Rise of the Ant
- Turnstone Creative Expands Leadership Team with Addition of Marketing Manager
- The Hidden Price Of Lost Property In UK Schools
- Milton Collier, CEO & President of Freight Broker 911, Eliminates the #1 Barrier to Entry in Logistics: Announces 100% Free Freight Broker Training
- FDA-Cleared AI Neuropsychiatry Platform, Million-Dose Ketamine Manufacturing and Presidential Psychedelic Initiative Drive Growing Momentum for NRXP
- AI Velocity Trading Launches Institutional-Grade Algorithmic Engine for Retail Investors
- Calvetta Phair, CEO America's Workforce Solution, LLC Assessed "Awardable" for Department of War work in the CDAO's Tradewinds Solutions Marketplace
- Speaker and Certified Coach Syrena N. Williams Debuts Powerful New Book on Healing, Identity, and Wholeness
- Lord of the Rings, Doctor Who' Q&As, Local Sessions Highlight FAN EXPO Philadelphia Programming
- Kryptokasinot.io Raises Concerns Over Proposed Cryptocurrency Restrictions in Finland's Gambling Reform
- New Home of the Month: Spacious Luxury Meets Modern Design in The Bristol at Heritage at Manalapan
- The Calida Group Announces Sale of Ely at Fort Apache for $57.5 Million
- Tina Hasselbusch, co-founder and CEO of Turnstone Creative, Receives Circle of Excellence from Lehigh Valley Business
- Summer Festivals in Gunma Prefecture: Song, Dance, and Vibrant Color – Get There Via Tobu Railway!
- Jetperch Introduces Joulescope JS320 Precision Energy Analyzer for Low-Power Embedded System Development
- AI-Powered Trading Bots Are Transforming Forex, Gold, and Digital Markets as DefiHash Expands Intelligent Quantitative Infrastructure
- Early Bird Registration Open for FLYING HY, the Top Hydrogen and Battery Electric Aviation Event
- Eichelberger Performing Arts Center Welcomes New Executive Director
- Century Fasteners Corp. Hires Tony Marano as Director of Human Resources
- Accelerating Toward Commercialization as FDA Momentum, AI Neurotherapy & Manufacturing Expansion Drive Multi-Catalyst Growth Story; N A S D A Q: NRXP