Innate Pharma S.A. : American Depositary Shares Securities Litigation
On or around 10/26/2020 (Date of last review)
Filing Date: October 23, 2020
According to the Complaint, Innate Pharma S.A. 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 and AstraZeneca announced an expansion to a pre-existing collaboration agreement. As part of this agreement, AstraZeneca purchased 9.8% of newly-issued equity stake in Innate and, inter alia, obtained full oncology rights to monalizumab, a first-in-class humanized anti-NKG2A antibody. As part of this agreement, Innate was to receive $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose 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.
Company & Securities Information
Defendant: Innate Pharma S.A.
Industry: Biotechnology & Drugs
Ticker Symbol: IPHA
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Alexandre Golovanov, et al. v. Innate Pharma S.A., et al.