A securities fraud class action was filed May 11, 2026, in the U.S. District Court for the Central District of California against ImmunityBio Inc. and its Executive Chairman Patrick Soon-Shiong, alleging the company made materially false and misleading statements about its cancer drug Anktiva to investors [1]. The case, captioned Douglas v. ImmunityBio, Inc., Case No. 2:26-cv-03261, was brought on behalf of investors who purchased ImmunityBio (NASDAQ: IBRX) securities between January 19, 2026, and March 24, 2026 [1].
The complaint centers on allegations that ImmunityBio and Soon-Shiong falsely characterized Anktiva, an FDA-approved drug, as a cancer vaccine during public statements, including on a podcast [1]. The alleged fraud came to light in March 2026 when Bloomberg reported that the FDA had issued ImmunityBio a Warning Letter finding that Soon-Shiong had made inaccurate claims about the product [1]. The disclosure serves as the putative corrective event underlying the class period's end date and the basis for alleged investor losses. Under the Private Securities Litigation Reform Act, plaintiffs in securities fraud class actions must plead with particularity that defendants made knowing or reckless misstatements of material fact that caused quantifiable market harm.
Kessler Topaz Meltzer & Check LLP is identified as counsel pursuing the action [1]. The firm has set a lead plaintiff deadline of May 26, 2026, by which institutional and individual investors with sufficient losses may move for appointment as lead plaintiff under the PSLRA's competitive selection process [1]. The lead plaintiff motion is a threshold procedural step that will shape litigation strategy, discovery scope, and any eventual settlement authority.
The case sits at the intersection of FDA regulatory enforcement and securities law. The Warning Letter, while not itself a final enforcement action, provided plaintiffs a documented federal finding that the company's public statements were inaccurate, a factual foundation that typically strengthens pleading-stage arguments in PSLRA litigation. ImmunityBio has not yet filed a public response to the complaint. Investors who do not seek lead plaintiff status may still participate in any recovery as absent class members if the class is certified.