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Immunovant, Inc. f/k/a Health Sciences Acquisitions Corporation

Case Details

Class Period: October 2, 2019 - February 1, 2021
Date Filed: February 19, 2021
Case Number: 1:21cv00918
Jurisdiction: New York Eastern District Court
Days Left to
Seek Plaintiff:
50

Case Summary

Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) HSAC had performed inadequate due diligence into Legacy Immunovant prior to the Merger, and/or ignored or failed to disclose safety issues associated with IMVT-1401; (ii) IMVT-1401 was less safe than the Company had led investors to believe, particularly with respect to treating TED and WAIHA; (iii) the foregoing foreseeably diminished IMVT-1401’s prospects for regulatory approval, commercial viability, and profitability; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times. On February 2, 2021, Immunovant issued a press release “announc[ing] a voluntary pause of dosing in its ongoing clinical trials for IMVT-1401.” Immunovant 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” and “[o]ut of an abundance of caution, the Company has decided to voluntarily pause dosing in ongoing clinical studies in both TED and in [WAIHA], in order to inform patients, investigators, and regulators as well as to modify the monitoring program.” 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.

Documents
Complaint