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 May 1, 2023, the Defendants filed a Motion to Dismiss the action. That Motion has been fully briefed and awaiting the Court’s ruling. This action is ongoing.
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: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. 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.