NEW YORK, Oct. 26, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Innate Pharma S.A. ("Innate" or the "Company") (NASDAQ: IPHA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Innate and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 23, 2018, Innate and AstraZeneca plc ("AstraZeneca") announced an expansion of a pre-existing collaboration agreement between the two companies, pursuant to which AstraZeneca purchased 9.8% of a newly-issued equity stake in Innate and obtained, among other things, full oncology rights to monalizumab, a first-in-class humanized anti-NKG2A antibody. As part of this agreement, Innate was to receive $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab. Then, on September 8, 2020, Innate issued a press release announcing, in relevant part, that Innate and AstraZeneca had amended their collaboration agreement, such that Innate "will now receive a $50 million payment upon AstraZeneca's dosing of the first patient in the Phase 3 trial, and a $50 million payment after the interim analysis demonstrates the combination meets a pre-defined threshold of clinical activity."
On this news, Innate's American Depositary Share ("ADS") price fell $1.62 per share, or 26.6%, to close at $4.45 per ADS on September 8, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP