An expert report by Dr. Matthew D. Cain was filed supporting class certification in Chen v. ImmunityBio, Inc. (Case No. 2:21-cv-09818), with quantitative analysis and market microstructure research provided by Fideres.

Cain’s market efficiency analysis assesses whether ImmunityBio stock functioned in an efficient market where material information was swiftly integrated into share prices. Fideres employed regression analysis and time-series modeling to examine price adjustment mechanisms, measuring the speed and magnitude of market responses to corrective disclosures.

The statistical analysis revealed clear patterns of abnormal price volatility and trading volume spikes coinciding with material disclosure events, providing quantitative evidence of efficient information processing.