An investigation on behalf of investors of Innate Pharma S.A. (NASDAQ: IPHA) shares over potential securities laws violations by Innate Pharma S.A. and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Innate Pharma S.A. (NASDAQ: IPHA) concerning whether a series of statements by Innate Pharma S.A. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

France based Innate Pharma S.A., a clinical-stage biotechnology company, discovers and develops therapeutic antibodies for the treatment of cancer in France and internationally. Innate Pharma S.A. reported that its annual Total Revenue rose from $32.63 million in 2017 to $79.89 million in 2018, and that its Net Loss of $48.01 million in 2017 turned to a Net Income of $3.04 million in 2018.

On January 9, 2020, Innate Pharma S.A. announced its decision to suspend enrollment of new patients in its TELLOMAK Phase II trial evaluating the efficacy and safety of lacutamab (IPH4102) in patients with advanced T-cell lymphomas. Innate cited ongoing discussions with regulatory authorities regarding Good Manufacturing Practice (GMP) deficiencies at the Companys manufacturing subcontractor site that manages the fill and finish operations of the lacutamab clinical vials.

Shares of Innate Pharma S.A. (NASDAQ: IPHA) declined from $8.24 per share on January 2, 2020 to as low as $6.70 per share on January 9, 2020