Immunovant investors may receive additional information about the case by clicking the link "Submit Your Information" above.
Immunovant is a clinical-stage biopharmaceutical company that develops monoclonal antibodies for the treatment of autoimmune diseases. Immunovant is developing IMVT-1401, a novel fully human monoclonal antibody, which is in Phase IIa clinical trials for the treatment of myasthenia gravis and thyroid eye disease (“TED”), also known as Graves’ ophthalmopathy. Immunovant also completed initiation of Phase II clinical trials of IMVT-1401 for the treatment of warm autoimmune hemolytic anemia (“WAIHA”). On September 29, 2019, HSAC, a special purpose acquisition company, entered into an agreement with Immunovant Sciences Ltd. (“Legacy Immunovant”), a private biopharmaceutical company, and shareholders of Legacy Immunovant, to effect a merger between the two entities (the “Merger”). As a result of the Merger, HSAC acquired all of the issued and outstanding shares of Legacy Immunovant, and Legacy Immunovant became a wholly owned subsidiary of HSAC. Upon the closing of the Merger, HSAC changed its name to “Immunovant, Inc.”
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.”
However, on February 2, 2021, Immunovant issued a press release “announc[ing] a voluntary pause of dosing in its ongoing clinical trials for IMVT-1401.” Immunovant disclosed that it “has become aware of a physiological signal consisting of elevated total cholesterol and LDL [lowdensity lipoproteins] levels in IMVT-1401-treated patients” and “[o]ut of an abundance of caution, [Immunovant] 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.” Following this news, Immunovant’s stock price fell $18.22 per share, or 42.08%, to close at $25.08 per share on February 2, 2021.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) IMVT-1401 was less safe than Immunovant had led investors to believe, particularly with respect to treating TED and WAIHA; (iii) the foregoing foreseeably diminished IMVT-1401’s prospects for regulatory approval, commercial viability, and profitability; and (iv) as a result, Immunovant’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than April 20, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll-free at (844) 887-9500; or via e-mail at firstname.lastname@example.org. 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.