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Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Immunovant, Inc. (IMVT)

Gainey McKenna & Egleston
·2 min read

NEW YORK, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Immunovant, Inc. (f/k/a Health Sciences Acquisitions Corporation (“HSAC”, “Immunovant” or the “Company”) (NASDAQ: IMVT; HSACU; HSAC; and HSACW) in the United States District Court for the Eastern District of New York on behalf of those who purchased or acquired the securities of Immunovant between October 2, 2019 and February 1, 2021, inclusive (the “Class Period”). The lawsuit seeks to recover damages for investors under the federal securities laws.

The Complaint alleges that 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 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, the Company’s public statements were materially false and misleading at all relevant times.

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 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.

Investors who purchased or otherwise acquired shares of Immunovant during the Class Period should contact the Firm prior to the April 20, 2021 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 tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.