Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Iovance Biotherapeutics, Inc. (NasdaqGM: IOVA).
On November 12, 2014, Iovance (formerly “Lion Biotechnologies, Inc.”) issued a press release announcing the resignation of Chief Executive Officer, Manish Singh. Then, on April 10, 2017, the Securities and Exchange Commission (“SEC”) issued an order concluding that “from September 2013 to March 2014, Lion, through [Singh], engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion to potential investors that purported to be independent from the company when, in fact, they were paid promotions.” The SEC also found that the Company had engaged in “improper ‘gun-jumping,’” by soliciting orders to buy a new issue before registration of the company’s initial public offering was approved by the SEC. Among other things, the Company was ordered to pay a civil monetary penalty of $100,000 to the SEC. Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws.
KSF’s investigation focuses on whether Iovance’s officers and/or directors breached their fiduciary duties to Iovance’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Iovance shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).