Trending...
- Sylvester Anthony III Introduces His Artist Journey with Debut Single "Cherish"
- Together We Thrive: Kingdom Life Health & Career Fair Unites Faith, Wellness and Opportunity
- Nayarit Strengthens Its Position as a Global Surf Destination; Sayulita to Become Mexico's First Official Surf City
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
- The Explorer Shaped Guitar Still a Symbol of Heavy Music with New Releases
- Allstream Energy Partners Expands AI-Optimized Website Development Division to Meet Growing Demand in GEO / AEO Services
- Nola Blue announces 'Jumpin' Rockin Rhythm,' the autobiography of Duke Robillard
- America's Workforce Solution Named an OpenAI SMB Channel Partner, Bringing Enterprise-Grade AI to Main Street
- Data Tiles Introduces the Decision-Driven Enterprise to North America
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
- Disruptor Creations Pioneers New MicroAdventure Series with TravelSpike
- Hawk Hill Pictures Brings Ukrainian-Language War Drama BUCHA to North American Audiences
- eCopier Solutions Surpasses 3,000 Five-Star Google Reviews and Maintains Perfect Five-Star Rating
- Creative Investment Research Welcomes Supreme Court Decision Protecting Federal Reserve Independence While Calling for Continued Accountability
- Rebecca Francis Team Ranks Among Top 1.5% of Teams and Agents Nationwide
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
- United Way and Community Partners Launch Relief Fund to Support Victims of the Six-Alarm Fire in Allentown
- Sylvester Anthony III Introduces His Artist Journey with Debut Single "Cherish"
- Boston Industrial Solutions Introduces High-Performance Primer for Bonding Liquid Silicone to Epoxy
- Together We Thrive: Kingdom Life Health & Career Fair Unites Faith, Wellness and Opportunity
- Healthcare Leaders Publish New Integrated Behavioral Healthcare Guide, Led by Doctors of Behavioral Health
- Verbica Challenges Panetta to a Televised Debate on the Issues
- Grace Montessori School Raises $115,000 for Student Scholarships and Enhanced Programming
- Salt Lake City Families Turn to Private Autopsy Services for Faster Answers After Unexpected Loss
- K2 Integrity's U.S. and EMEA Teams Again Recognized in Chambers and Partners 2026 Guides
- Connecta Satellite Solutions Ready to Support Emergency Communications Following the Venezuela Earthquake
- Rare 1933 Harold Weston painting will be auctioned to benefit the Keene Valley Library
- $20 Million Revenue Target, Accelerating Growth, 7% Of Outstanding Shares Retired, Clear Path Toward Profitability: VSee Health, Inc N A S D A Q: VSEE
- HomeCentris Home Health Achieves 5-Star CMS Rating
- Adsoptia Launches AI-Powered Optimization Platform for a New Era of Autonomous Marketing Decisions
- Heritage at Manalapan Announces New Incentive: Included Finished Basement on Select Homesites
- Leicester UK Manufacturer Tabletop Tyrant Secures Flawless 100% Customer Satisfaction Rating Across 5,800+ Orders
- The Calida Group Announces Promotion of Joshua Nelson to President, Advancing Next Phase of National Growth
- Cango Mobility x Hikvision Announce Strategic Partnership
- Institute of Emerging Minds Publishes Framework for Glymphatic Clearance and Cognitive Optimization
- HomeCentris Healthcare Signs Definitive Agreement to Acquire S&K Holdings, Expanding Mid Atlantic Platform