SAN DIEGO, CA and NEW YORK, NY / ACCESSWIRE / October 11, 2021 / Shareholder rights law firm Robbins LLP announces that is investigating Immunovant, Inc. (NASDAQ:IMVT) to determine whether certain Immunovant officers and directors violated the Securities Exchange Act of 1934 and breached their fiduciary duties to the Company. Immunovant is a clinical-stage biopharmaceutical company. The Company is developing IMVT-1401 for the treatment of Graves' ophthalmopathy and for the treatment of warm autoimmune hemolytic anemia.
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Immunovant, Inc. (IMVT) Misled Shareholders About the Viability of its Drug Candidate IMVT-1401
According to a class action complaint filed on behalf of Immunovant shareholders, Health Sciences Acquisitions Corporation (HSAC) merged with Immunovant Sciences Ltd., a private biopharmaceutical company. As a result of the merger, HSAC acquired all shares of Immunovant Sciences and Immonvant Sciences became a wholly owned subsidiary of HSAC. HSAC then changed its name to Immunovant, Inc.
Between October 2, 2019 and February 2, 2021, defendants purportedly made false and/or misleading statements and/or failed to disclose that: (i) HSAC had performed inadequate due diligence into Immunovant Sciences prior to the merger; (ii) HSAC ignored safety issues associated with Immunovant Science's drug candidate IMVT-1401; and (iii) IMVT-1401 was less safe than the Company had led investors to believe, which foreseeably diminished its prospects for regulatory approval, commercial viability and profitability.
On February 2, 201, Immunovant issued a press release announcing "a voluntary pause of dosing in its original clinical trials for IMVT-1401," and 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." On 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 stock currently trades under $10.00 per share.
Immunovant, Inc. (IMVT) shareholders have legal options. If you own shares of Immunovant, Inc. contact us to learn more about your rights. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Immunovant, Inc. settles or to receive free alerts about corporate executives engage in wrongdoing, sign up for Stock Watch today.
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SOURCE: Robbins LLP
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