Gainey Mckenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Iovance Biotherapeutics, Inc. (IOVA)

(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, June 06, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northen District of California on behalf of all persons or entities who purchased or otherwise acquired Iovance Biotherapeutics, Inc. (“Iovance” or the“Company”) (NASDAQ: IOVA) securities between May 9, 2024 and May 8, 2025, inclusive (the“Class Period”). The lawsuit seeks to recover damages for the Company's investors under the federal securities laws.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) new Authorized Treatment Centers were experiencing longer timelines to begin treating patients with Amtagvi; (2) the Company's sales team and new ATCs were ineffective in patient identification and patient selection for Amtagvi, leading to higher patient drop-offs; (3) the foregoing dynamics led to higher costs and lower revenue because ATCs could not keep pace with manufactured product; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

According to the Complaint, on May 8, 2025, after the market closed, Iovance released its first quarter 2025 financial results, revealing a quarterly total product revenue of $49.3 million, a significant decline from the prior quarter's $73.7 million. The Complaint alleges that the Company also announced its full fiscal year 2025 total product revenue guidance had been slashed from $450 million - $475 million to $250 million - $300 million, a reduction of over 40% at the midpoint. The Complaint continues to allege that the Company revealed it was“revising full year 2025 revenue guidance to reflect recent launch dynamics” of Amtagvi. The Complaint alleges that the Company further revealed“[t]he updated forecast considers experience with ATC [authorized treatment center] growth trajectories and treatment timelines for new ATCs.”

The Complaint alleges that on this news, the price of Iovance shares declined $1.42 per share, or 44.8%, to close at $1.75 per share on May 9, 2025, on unusually heavy trading volume.

Investors who purchased or otherwise acquired shares of Iovance should contact the Firm prior to the July 15, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at ... or ... .

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