Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Innate Pharma S.A. (NASDAQ: IPHA) resulting from allegations that Innate may have issued materially misleading business information to the investing public.
On October 23, 2018, Innate announced its long-term strategic partnership with AstraZeneca, which in part would include a payment to Innate of $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab. Throughout 2019 and early 2020, Innate touted the $100 million payment as a done-deal. Innate additionally touted the results of the monalizumab tests as being on track.
However, on September 8, 2020, the Company suddenly and without prior notice announced a change to the $100 million deal. Instead of a one-time payment of $100 million at the start of the first Phase 3 clinical trial, Innate would receive $50 million at the start, and an additional $50 million after the interim analysis demonstrated a pre-defined threshold of clinical activity.
On this news, Innate’s American Depositary Share price fell $1.62, or over 26.6%, from closing at $6.07 on September 4, 2020, the previous trading day, to open at $4.82 on September 8, 2020 and declined throughout the trading day to close at $4.45.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Innate investors. If you purchased shares of Innate please visit the firm’s website at http://www.rosenlegal.com/cases-register-1763.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.
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