LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Innate Pharma SA (“Innate” or the “Company”) (NASDAQ: IPHA) securities between March 10, 2020 and September 8, 2020, inclusive (the “Class Period”). Innate investors have until December 22, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On October 23, 2018, Innate and AstraZeneca plc (“AstraZeneca”) announced an expansion of a pre-existing collaboration agreement, whereby AstraZeneca acquired 9.8% equity stake in Innate and obtained full oncology rights to monalizumab, a first-in-class humanized anti-NKG2A antibody. As part of this agreement, Innate would receive $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab.
On September 8, 2020, Innate announced that it had amended its collaboration agreement with AstraZeneca. Innate “will now receive a $50 million payment upon AstraZeneca’s dosing of the first patient in the Phase 3 trial, and a $50 million payment after the interim analysis demonstrates the combination meets a pre-defined threshold of clinical activity.”
On this news, the Company’s American Depositary Share (“ADS”) price fell $1.62 per share, or 26.6%, to close at $4.45 per ADS on September 8, 2020.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Innate touted the results of their various Phase 2 trials as being within expectations; (2) Innate continued to reassure investors that they were eligible for the $100 million payment upon first dosing of Phase 3 trials; (3) Innate failed to timely disclose their 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 its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Innate securities during the Class Period, you may move the Court no later than December 22, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Innate securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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