NEW YORK, NY - May 16, 2025 (NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Iovance Biotherapeutics, Inc. (“Iovance” or the “Company”) (NASDAQ: IOVA) on behalf of investors that purchased or otherwise acquired Iovance securities between May 9, 2024 and May 8, 2025 (the “Class Period”).
If you are an investor in Iovance and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing jcampisi@kaplanfox.com or by calling (212) 329-8571.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than July 14, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On May 8, 2025, after the markets closed, Iovance announced its first quarter 2025 financial results. The Company revealed that total product revenue for the quarter was $49.3 million, a decline from the prior quarter’s reported revenue of $73.7 million. The Company also disclosed that full fiscal year 2025 revenue guidance was being revised to $250 million to $300 million from previous guidance of $450 million to $475 million. Iovance stated that it was “revising full-year 2025 revenue guidance to reflect recent launch dynamics” of the Company’s T cell immunotherapy, Amtagvi (lifileucel). Amtagvi was approved by the U.S. Food and Drug Administration in February 2024 and was commercially launched in the first half of 2024.
Following this news, the price of Iovance stock fell $1.42 per share, nearly 45%, to close at $1.75 per share on May 9, 2025.
The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Defendants, (i) new Authorized Treatment Centers were experiencing longer timelines to begin treating patients with Amtagvi; (ii) the Company’s sales team and new ATCs were ineffective in patient identification and patient selection for Amtagvi, leading to higher patient drop-offs; and (iii) the foregoing dynamics led to higher costs and lower revenue because ATCs could not keep pace with manufactured product.
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CONTACT:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
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New York, New York 10022
(212) 329-8571
jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
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Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
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https://www.kaplanfox.com/case/iovance-biotherapeutics-inc/