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, Inc. 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.
On December 29, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a Complaint on February 1, 2022. On March 15, Lead Plaintiff filed an amended Complaint.
Lead Plaintiff voluntarily dismissed all claims against one of the individual Defendants on May 17, 2022.