A lawsuit was filed on behalf of investors in Innate Pharma S.A. (NASDAQ:IPHA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/02/2020 -- An investor, who purchased shares of Innate Pharma S.A. (NASDAQ: IPHA), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Innate Pharma S.A.
Investors who purchased shares of Innate Pharma S.A. (NASDAQ: IPHA) have certain options and for certain investors are short and strict deadlines running. Deadline: December 22, 2020. NASDAQ: IPHA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On October 23, 2018, Innate Pharma S.A announced its long-term strategic partnership with AstraZeneca, which in part would include a payment to Innate Pharma S.A of $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab. Throughout 2019 and early 2020, Innate Pharma S.A touted the $100 million payment as a done-deal. Innate Pharma S.A additionally touted the results of the monalizumab tests as being on track.
However, on September 8, 2020, Innate Pharma S.A suddenly and without prior notice announced a change to the $100 million deal. Instead of a one-time payment of $100 million at the start of the first Phase 3 clinical trial, Innate Pharma S.A would receive $50 million at the start, and an additional $50 million after the interim analysis demonstrated a pre-defined threshold of clinical activity.
The plaintiff claims that between March 10, 2020 and September 8, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Innate Pharma S.A. touted the results of their various Phase 2 trials as being within expectations, that Innate Pharma S.A. continued to reassure investors that they were eligible for the $100 million payment upon first dosing of Phase 3 trials, that Innate Pharma S.A. failed to timely disclose their renegotiations with AstraZeneca to split the $100 million payment into two $50 million payments, to be partially contingent on performance during the Phase 3 trials, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of Innate Pharma S.A. (NASDAQ: IPHA) have certain options and should contact the Shareholders Foundation.
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