Innate Pharma S.A. (IPHA) Misled Shareholders about Partnership with AstraZeneca PLC

In October 2018, Innate Pharma announced a long-term strategic partnership with AstraZeneca PLC.  The deal included a $100 million in milestone payments paid to Innate Pharma at the start of the first Phase 3 clinical trial for monalizumab.  Throughout 2019 and early 2020, Innate not only confirmed the $100 million payment, but also affirmed the results of the trial as being on track.  On September 8, 2020, the Company announced a change to the $100 million payment.  Instead of a one-time payment at the start of the first Phase 3 clinical trial, Innate would receive $50 million at the start, and an additional $50 million after the interim analysis demonstrated a pre-defined threshold of clinical activity.  On this news, Innate Pharma's ADS's fell 26.6%, to open at $4.82 on September 8, 2020, continued to decline throughout the day to close at $4.45, and has yet to recover.