Innate Pharma S.A. Class Action Lawsuit
- Company Name
- Innate Pharma S.A.
- Stock Symbol
- Class Period
- March 10, 2020 to September 8, 2020
- Motion Deadline
- December 22, 2020
- Central District of California
The Innate Pharma S.A. class action lawsuit charges Innate Pharma and two of its senior executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Innate Pharma securities between March 10, 2020 and September 8, 2020, inclusive (the “Class Period”). The Innate Pharma class action lawsuit was commenced on October 23, 2020 in the Central District of California and is captioned Golovanov v. Innate Pharma S.A., No. 20-cv-09778.
Innate Pharma purports to be a clinical-stage biotechnology company engaged in discovering and developing first-in-class therapeutic antibodies that harness the innate immune system to improve cancer treatment and clinical outcomes for patients. On October 23, 2018, Innate Pharma and AstraZeneca announced an expansion to a pre-existing collaboration agreement. As part of this agreement, AstraZeneca purchased 9.8% of newly issued equity in Innate Pharma and, inter alia, obtained full oncology rights to monalizumab, a first-in-class humanized anti-NKG2A antibody. As part of this agreement, Innate Pharma was to receive $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab.
The Innate Pharma class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Innate Pharma touted the results of its various Phase 2 trials as being within expectations; (2) Innate Pharma continued to reassure investors that it was eligible for the $100 million payment upon first dosing of Phase 3 trials; (3) Innate Pharma failed to timely disclose its 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 (4) as a result, defendants’ statements about Innate Pharma’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 8, 2020, before the market opened, Innate Pharma filed with the SEC a Form 6-K containing a press release summarizing its results for the first half of 2020, ended June 30, 2020 (the “1H2020 Results”) and also held a conference call to discuss the 1H2020 Results. In pertinent part, the Innate Pharma stated that its Phase II “data showed an overall response rate in line with previously reported data and a manageable safety profile” and that “AstraZeneca will be advancing monalizumab into Phase III.” Innate Pharama also announced that “following the review of the maturation of the data and discussion with AstraZeneca, the company has agreed to amend the agreement and it will now receive a $50 million payment up in AstraZeneca dosing of the first patient in the Phase III and a $50 million payment after the interim analysis demonstrates that the combination meets the pre-defined threshold of clinical activity.”
On this news, the price of Innate Pharma American Depositary Shares dropped $1.62 per share, or over 26%, from a close of $6.07 per share on September 4, 2020, the previous trading day, to open at $4.82 per share on September 8, 2020 before declining to $4.45 per share by the end of the trading day.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Innate Pharma securities during the Class Period to seek appointment as lead plaintiff in the Innate Pharma class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Innate Pharma class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Innate Pharma class action lawsuit. An investor’s ability to share in any potential future recovery of the Innate Pharma class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Innate Pharma class action lawsuit or have questions concerning your rights regarding the Innate Pharma class action lawsuit, please provide your information here or contact counsel, Jennifer Caringal of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the Innate Pharma class action lawsuit must be filed with the court no later than December 22, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.