Recent Securities Litigations

Immunovant Inc. Common Stock (NASDAQ: IMVT)

Company Name:Immunovant Inc. Common Stock
Stock Symbol:NASDAQ: IMVT
Class Period Start:10/02/2019
Class Period End (inclusive):02/01/2021

According to the Complaint, Immunovant, Inc. is a clinical-stage biopharmaceutical company that develops monoclonal antibodies for the treatment of autoimmune diseases. On September 29, 2019, Health Sciences Acquisitions Corporation (“HSAC”), then a blank check company, or SPAC, entered into an agreement with Legacy Immunovant, a private biopharmaceutical company, and shareholders of Legacy Immunovant, to effect a merger between the two entities. As a result of the Merger, HSAC acquired all of the issued and outstanding shares of Legacy Immunovant, and Legacy Immunovant became a wholly owned subsidiary of HSAC. Upon the closing of the Merger, HSAC changed its name to “Immunovant, Inc.”

Immunovant is developing IMVT-1401, a novel fully human monoclonal antibody, which is in Phase IIa clinical trials for the treatment of MG and TED, also known as Graves’ ophthalmopathy. The Company has also completed initiation of Phase II clinical trials of IMVT-1401 for the treatment of WAIHA.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges 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.