March 29, 2021 - The case was voluntarily dismissed.

October 23, 2020 - An investor in shares of Innate Pharma S.A. (NASDAQ: IPHA) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Innate Pharma S.A. in connection with certain allegedly false and misleading statements made between March 10, 2020 and September 8, 2020.

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 October 23, 2018, Innate Pharma S.A announced its long-term strategic partnership with AstraZeneca, which in part would include a payment to Innate Pharma S.A of $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab. Throughout 2019 and early 2020, Innate Pharma S.A touted the $100 million payment as a done-deal. Innate Pharma S.A additionally touted the results of the monalizumab tests as being on track.

However, on September 8, 2020, Innate Pharma S.A 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 Pharma S.A would receive $50 million at the start, and an additional $50 million after the interim analysis demonstrated a pre-defined threshold of clinical activity. Shares of Innate Pharma S.A. (NASDAQ: IPHA) declined to as low as $3.55 per share on September 24, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Innate Pharma S.A. (NASDAQ: IPHA) common shares between March 10, 2020 and September 8, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 10, 2020 and September 8, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Innate Pharma S.A. touted the results of their various Phase 2 trials as being within expectations, that Innate Pharma S.A. continued to reassure investors that they were eligible for the $100 million payment upon first dosing of Phase 3 trials, that Innate Pharma S.A. failed to timely disclose their renegotiations with AstraZeneca to split the $100 million payment into two $50 million payments, to be partially contingent on performance during the Phase 3 trials, and that as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.