Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Immunovant, Inc. (IMVT)
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 US 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 aims to seek compensation for investors in accordance with federal securities laws.
The complaint alleges that Defendants made false and / or misleading statements and / or failed to disclose that: (1) HSAC performed inadequate due diligence on Legacy Immunovant and / or ignored or security issues related to IMVT prior to the Merger has not disclosed -1401; (2) IMVT-1401 was less secure than the company led investors to believe, particularly with respect to the treatment of TED and WAIHA; (3) the foregoing has predictably reduced IMVT-1401’s prospects for regulatory clearance, economic viability, and profitability; and (4) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
On February 2, 2021, the company released a press release, “Announcement[ing] a voluntary interruption of dosing in ongoing clinical trials for IMVT-1401. “The company announced that it” became aware of a physiological signal consisting of increased total cholesterol and LDL [low-density lipoproteins] Levels in IMVT-1401-Treated Patients “and”[o]Despite all caution, the company has decided to voluntarily discontinue dosing in ongoing clinical trials in both TED and TED [WAIHA]to inform patients, investigators and regulators and change the monitoring program. In the 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 have purchased or otherwise acquired Immunovant stock during the class should contact the company before April 20, 2021 Deadline for the main plaintiff’s motion. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. If you would like to discuss your rights or interests in relation to this class action lawsuit, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. from Gainey McKenna & Egleston at (212) 983-1300 or by email at email@example.com or Gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the company.