| [email protected] Bellemin's Exit Coincides with Amtagvi's Stumbles The formal notification of Mr. Bellemin's departure, tendered on June 10, 2025, aligns with the terms of his executive employment agreement. The San Carlos-headquartered biotech has yet to name a successor for the critical financial post, leaving a void as it navigates a challenging market and legal landscape. Mr. Bellemin's tenure concludes as Iovance confronts a series of operational and financial disappointments. The company's first-quarter sales figures for Amtagvi, its recently launched melanoma treatment, significantly underperformed Wall Street's expectations, compelling management to temper its full-year revenue projections. This revised outlook triggered a sharp reaction from analysts, including a downgrade from UBS. Litigation Compounds Commercial Challenges Adding to the complexity, Iovance finds itself defending against a securities fraud class action. The litigation centers on allegations regarding the company's portrayal of its authorized treatment centers (ATCs), which are crucial to Amtagvi's administration. The complaint alleges that Iovance had consistently highlighted ATCs as a primary driver of demand, asserting, for instance, that "ATCs continue to drive increasing demand for Amtagvi" and that a substantial majority of eligible patients were within a reasonable proximity of an ATC. However, the lawsuit contends that the reality of ATC operations diverged from these representations. Specifically, it alleges that ATCs were experiencing protracted timelines for initiating patient treatments with Amtagvi, coupled with inefficiencies in patient identification and selection, leading to elevated patient drop-off rates. The market's reaction to these revelations was swift and severe. On May 8, 2025, following Iovance's disclosure of its underwhelming first-quarter results and the downward revision of its 2025 revenue guidance, the company attributed the shortcomings to "recent launch dynamics." Management cited "slow treatment timelines for new ATCs" and the "variable pace at which ATCs began treating patients," along with higher-than-anticipated "patient drop-off" due to suboptimal "patient selection" for treatment. The fallout was immediate: Iovance's stock plummeted by over 44%, from $3.17 per share on May 8, 2025, to $1.75 per share by the close of trading on May 9, 2025, underscoring investor concerns about the company's commercial execution and the veracity of its prior operational updates. Hagens Berman’s Investigation Prominent shareholder rights firm Hagens Berman is investigating the complaint’s allegations. The firm is scrutinizing whether the company's public statements regarding Amtagvi's operational readiness and commercial ramp-up aligned with internal realities. Reed Kathrein, a partner at Hagens Berman leading the inquiry, highlighted the critical importance of transparent corporate disclosures in such instances. "Investors rely on management to present a candid view of both the opportunities and the obstacles," Mr. Kathrein remarked. "When a company's messaging diverges from its operational reality, it's not just a matter of missed expectations—it's a question of whether investors were given a fair shot at the truth." If you invested in Iovance and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now » If you’d like more information and answers to frequently asked questions about the Iovance case and our investigation, read more » Whistleblowers: Persons with non-public information regarding Iovance should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]. About Hagens BermanHagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. Contact:Reed Kathrein, 844-916-0895 |