Unmasking Corporate Litigation: Shareholder Class Action Lawsuits by The Law Offices of Frank R. Cruz
The Law Offices of Frank R. Cruz has recently made headlines for their extensive involvement in representing shareholders in class action lawsuits against publicly-traded companies. Some of the most notable companies under litigation include ImmunityBio (IBRX), BioXcel Therapeutics (BTAI), Mallinckrodt (MNK), and Seagate Technology (STX). The accusations these companies face are serious and have the potential to significantly impact their operations.
ImmunityBio, a prominent biotechnology company, is accused of making false or misleading statements about its business, operations, and prospects. The main point of contention is the company’s alleged failure to disclose manufacturing deficiencies. Moreover, the lawsuit against ImmunityBio posits that the company was dishonest about the efficacy of its lead product. This drug, intended to treat bladder cancer, has come under scrutiny, causing concerns among investors and shareholders alike.
The legal proceedings against BioXcel Therapeutics, another major entity in the biopharmaceutical industry, are also worth noting. The company is alleged to have lacked proper internal controls over protocol adherence and data integrity. This has had a significant impact on their potential to obtain regulatory approval for their drug BXCL501, a solution proposed for treating schizophrenia and bipolar disorder. Not only are there concerns about protocol and data integrity, but BioXcel Therapeutics is also facing a class action lawsuit for making false and misleading statements about the efficiency of the aforementioned drug.
Another company, Mallinckrodt, has been accused of painting an exaggerated picture of its financial strength, particularly post their Chapter 11 bankruptcy protection. This alleged overstatement affected the company’s ability to meet their interest payment obligations, causing substantial concern among shareholders.
Lastly, Seagate Technology, a renowned data storage company, is facing allegations of violating BIS export rules through its sales to Huawei. This potential violation could have misled investors about the company’s business operations, leading to more complications. Furthermore, Seagate Technology is accused of dishonesty about its financial health. This purported dishonesty led to inflated stock prices and subsequent losses for shareholders when the truth surfaced.
It’s clear that these lawsuits represent a significant development in the corporate world. The allegations levied against these companies are serious and could have far-reaching implications. As investigations continue, all eyes are on The Law Offices of Frank R. Cruz and the outcomes of these class action lawsuits.
About Immunity Bio
ImmunityBio is a vertically-integrated, clinical-stage biotechnology company developing next-generation therapies and vaccines that bolster the natural immune system to defeat cancers and infectious diseases. The company’s range of immunotherapy and cell therapy platforms, alone and together, act to drive and sustain an immune response with the goal of creating durable and safe protection against disease. We are applying our science and platforms to treating cancers, including the development of potential cancer vaccines, as well as developing immunotherapies and cell therapies that we believe sharply reduce or eliminate the need for standard high-dose chemotherapy. These platforms and their associated product candidates are designed to be more effective, accessible, and easily administered than current standards of care in oncology and infectious diseases. For more information, please visit: www.immunitybio.com
About BioXcel Therapeutics
BioXcel Therapeutics, Inc. is a biopharmaceutical company utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The Company’s drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indications. For more information, please visit bioxceltherapeutics.com.
About Mallinckrodt plc
Mallinckrodt is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The Company’s Specialty Brands reportable segment’s areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, hepatology, nephrology, pulmonology, ophthalmology and oncology; immunotherapy and neonatal respiratory critical care therapies; analgesics; cultured skin substitutes and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
