Iovance named as defendant in stockholder derivative complaint
Iovance Biotherapeutics disclosed late Friday that on March 28, a purported stockholder derivative complaint was filed derivatively by plaintiff Nazeer Khaleeluddin against the company and certain of the company's current and former officers and directors in the U.S. District Court for the District of Delaware. The complaint alleges, among other things, violations of securities law, breach of fiduciary duty, aiding and abetting, waste of corporate assets, and unjust enrichment. The complaint is based on claims arising from the SEC's investigation into stock promotions and the company's April 10, 2017 settlement thereof. Iovance stated, "The Company intends to vigorously defend against the foregoing complaint. Based on the very early stage of the litigation, it is not possible to estimate the amount or range of possible loss that might result from an adverse judgment or a settlement of the matter."