Iovance Biotherapeutics, Inc. ( IOVA ) Engaged in Illegal Stock Promotion Scheme According to SEC
Iovance Biotherapeutics, Inc. ( IOVA ) (formerly known as Lion Biotechnologies, Inc.) violated federal securities laws by failing to disclose that the articles and e-mails they disseminated touting the company and promising future prospects to the investing public were actually paid promotions. This scheme artificially inflated the value of the company’s stock and enriched the company’s CEO, whose compensation was linked to milestones dependent upon Iovance’s stock price increasing. As a result, the Securities and Exchange commission imposed a $100,000 fine and Iovance is the subject of a securities class action lawsuit.
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