SAN DIEGO & SAN CARLOS, Calif.--(BUSINESS WIRE)--
Shareholder rights law firm Robbins Arroyo LLP announces the filing of a shareholder derivative complaint on behalf of Iovance Biotherapeutics, Inc. (IOVA) against certain of the company's officers and directors for breaches of fiduciary duties, unjust enrichment, waste of corporate assets, abuse of control, gross mismanagement, and violations of the Securities Exchange Act of 1934. Ivoance, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/iovance-biotherapeutics-inc
Iovance Engaged in Illegal Stock Promotion Scheme According to SEC
According to the complaint, Iovance made misleading statements regarding the company's business, operations, prospects, and legal compliance by failing to disclose its involvement in a stock promotion scheme and the company's failure to maintain adequate internal controls. On April 10, 2017, the Securities and Exchange Commission ("SEC") found that Iovance, through its former Chief Executive Officer Manish Singh, engaged in a scheme to mislead investors by commissioning the publication and dissemination of emails purported to be independent from Iovance that promoted the company to potential investors when they were actually paid promotions. The SEC also found that Iovance had engaged in "improper 'gun-jumping,'" an illegal practice of soliciting orders to buy a new issue before registration of the company's initial public offering has been approved by the SEC.
Iovance Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP, a nationally recognized leader in shareholder rights law, represents individual and institutional investors in shareholder derivative and securities class action lawsuits, helping clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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