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Legend Biotech (LEGN) FDA Investigation Case
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- On November 28, FDA announced that it was investigating the risk of serious outcomes in patients who received treatment with certain T cell immunotherapies. The FDA’s press release listed one of Legend Biotech (LEGN)’s approved products in the class of products at issue.
- On it, $LEGN fell 2.55%, losing $286M+ of shareholder value.
- Investors may have grounds to suspect Legend of hiding its product’s adverse effects, which led to their losses.
On November 28, 2023, the U.S. FDA announced that it was
- investigating the risk of serious outcomes, including hospitalization and death, of certain T cell immunotherapies, and
- evaluating the need for regulatory action after receiving reports of T-cell malignancies of such therapies.
The FDA’s press release listed Legend’s Carvykti as among the approved products in the class of products at issue.
On this news, $LEGN fell 2.55% and lost over $286 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect Legend of failing to timely disclose its product’s adverse effects, which led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
28 November 2023