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Lawsuit filed for Investors in shares of Immunovant, Inc. (NASDAQ: IMVT)

02-23-2021 10:59 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Immunovant, Inc. (NASDAQ: IMVT) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Immunovant, Inc. (NASDAQ: IMVT) shares over alleged securities laws violations.

An investor, who purchased shares of Immunovant, Inc. (NASDAQ: IMVT), filed a lawsuit over alleged violations of Federal Securities Laws by Immunovant, Inc. f/k/a Health Sciences Acquisitions Corporation.

Investors who purchased shares of Immunovant, Inc. (NASDAQ: IMVT) have certain options and for certain investors are short and strict deadlines running. Deadline: April 20, 2021. NASDAQ: IMVT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

New York based Immunovant, Inc., a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. On September 29, 2019, Health Sciences Acquisitions Corporation, then a blank check company, also known as a special purpose acquisition company, entered into an agreement with Immunovant Sciences Ltd. ("Legacy Immunovant"), a private biopharmaceutical company, and shareholders of Legacy Immunovant, to effect a merger between the two entities (the "Merger"). As a result of the Merger, Health Sciences Acquisitions Corporation acquired all of the issued and outstanding shares of Legacy Immunovant, and Legacy Immunovant became a wholly owned subsidiary of Health Sciences Acquisitions Corporation. Upon the closing of the Merger, Health Sciences Acquisitions Corporation changed its name to "Immunovant, Inc."

On February 2, 2021, Immunovant, Inc. announced a “a voluntary pause of dosing in its ongoing clinical trials for IMVT-1401," a treatment for thyroid eye disease ("TED"). Immunovant, Inc. disclosed that it "has become aware of a physiological signal consisting of elevated total cholesterol and LDL 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 Warm Autoimmune Hemolytic Anemia, in order to inform patients, investigators, and regulators as well as to modify the monitoring program."

Shares of Immunovant, Inc. (NASDAQ: IMVT) declined on February 2, 2021, to $22.50 per share.

The plaintiff claims that between October 2, 2019 and February 1, 2021, the Defendants made false and/or misleading statements and/or failed to disclose that Health Sciences Acquisitions Corporation 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, that IMVT-1401 was less safe than the Company had led investors to believe, particularly with respect to treating TED and WAIHA, that the foregoing foreseeably diminished IMVT-1401's prospects for regulatory approval, commercial viability, and profitability, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Immunovant, Inc. (NASDAQ: IMVT) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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