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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Immunovant, Inc.    IMVT

IMMUNOVANT, INC.

(IMVT)
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Shareholder Alert: Robbins LLP Announces That Immunovant, Inc. f/k/a Health Sciences Acquisitions Corporation (IMVT) is Being Sued for Misleading Shareholders

02/23/2021 | 05:26pm EST

Shareholder rights law firm Robbins LLP announces that a purchaser of Immunovant, Inc. (NASDAQ: IMVT) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Exchange Act of 1934 between October 2, 2019 and February 1, 2021. Immunovant is a clinical-stage biopharmaceutical company. The Company is developing IMVT-1401, which is in Phase IIa clinical trials for the treatment of Graves' ophthalmopathy. The Company has also completed initiation of Phase II clinical trials of IMVT-1401 for the treatment of warm autoimmune hemolytic anemia.

If you suffered a loss due to Immunovant, Inc.'s misconduct, click here.

Immunovant, Inc. (IMVT) Misled Shareholders About the Viability of its Drug Candidate IMVT-1401

According to the complaint, on September 29, 2019, Health Sciences Acquisitions Corporation (HSAC), then a special purpose acquisition company, entered into an agreement with Immunovant Sciences Ltd., a private biopharmaceutical company, to effect a merger between the two entities. As a result of the merger, HSAC acquired all shares of Immunovant Sciences and Immunovant Sciences became a wholly owned subsidiary of HSAC. HSAC then changed its name to Immunovant, Inc.

During the relevant period, defendants 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, 2021, 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.

If you purchased shares of Immunovant, Inc. (IMVT) between October 2, 2019 and February 1, 2021, you have until April 20, 2021, to ask the court to appoint you lead plaintiff for the class.

Contact us to learn more:
Lauren Levi
(800) 350-6003
llevi@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against Immunovant, Inc. settles or to receive free alerts about companies engaged in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.


© Business Wire 2021
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More news
Financials (USD)
Sales 2021 - - -
Net income 2021 -112 M - -
Net cash 2021 388 M - -
P/E ratio 2021 -12,2x
Yield 2021 -
Capitalization 1 546 M 1 546 M -
EV / Sales 2021 -
EV / Sales 2022 -
Nbr of Employees 42
Free-Float 39,6%
Chart IMMUNOVANT, INC.
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Immunovant, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends IMMUNOVANT, INC.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 38,55 $
Last Close Price 15,78 $
Spread / Highest target 249%
Spread / Average Target 144%
Spread / Lowest Target 64,8%
EPS Revisions
Managers and Directors
NameTitle
Peter Salzmann Chief Executive Officer & Director
Pamela Yanchik Connealy Chief Financial Officer
Frank M. Torti Chairman
Julia G. Butchko Chief Development & Technology Officer
Michael Elliott Chief Scientific Officer
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