Market Newsdesk

NEW YORK, May 16, 2025 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northen District of California on behalf of all persons or entities who purchased or otherwise acquired Iovance Biotherapeutics, Inc. (“Iovance” or the “Company”) (NASDAQ: IOVA) securities between May 9, 2024 and May 8, 2025, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) new Authorized Treatment Centers were experiencing longer timelines to begin treating patients with Amtagvi; (2) the Company’s sales team and new ATCs were ineffective in patient identification and patient selection for Amtagvi, leading to higher patient drop-offs; (3) the foregoing dynamics led to higher costs and lower revenue because ATCs could not keep pace with manufactured product; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

According to the Complaint, on May 8, 2025, after the market closed, Iovance released its first quarter 2025 financial results, revealing a quarterly total product revenue of $49.3 million, a significant decline from the prior quarter’s $73.7 million. The Complaint alleges that the Company also announced its full fiscal year 2025 total product revenue guidance had been slashed from $450 million – $475 million to $250 million – $300 million, a reduction of over 40% at the midpoint. The Complaint continues to allege that the Company revealed it was “revising full year 2025 revenue guidance to reflect recent launch dynamics” of Amtagvi. The Complaint further alleges that the Company revealed “[t]he updated forecast considers experience with ATC [authorized treatment center] growth trajectories and treatment timelines for new ATCs.”

The Complaint alleges that on this news, the price of Iovance shares declined $1.42 per share, or 44.8%, to close at $1.75 per share on May 9, 2025, on unusually heavy trading volume.

Investors who purchased or otherwise acquired shares of Iovance should contact the Firm prior to the July 15, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.

RIVERSIDE, Calif., May 16, 2025 (GLOBE NEWSWIRE) — SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, today reported financial results for the quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

• Revenue: $6.9 million, compared with $5.8 million in the first quarter of 2024.
• Gross profit: $1.4 million, compared with ($0.5) million in the first quarter of 2024.   Cost of revenues in the first quarter of 2024 included a one-time, non-cash stock-based compensation expense of $1.3 million.
• Total operating expense: $2.6 million, compared with $18.4 million in the first quarter of 2024. Operating expense in the first quarter of 2024 included a one-time, non-cash stock-based compensation expense of $15.9 million.
• Net loss: $1.3 million, or $0.03 per share, compared with a net loss of $19.3 million, or $0.46 per share in the first quarter of 2024.

David Hsu, CEO of SolarMax, stated, “We are encouraged by our progress this quarter, having achieved a 20% increase in revenue and improvement in gross margin despite ongoing inflationary and regulatory pressures. We believe this improvement demonstrates our team’s ability to navigate a dynamic market while enhancing operational efficiency and executing on cost containment initiatives.”

“While California’s NEM 3.0 policy—which significantly reduced the compensation homeowners receive for excess solar power sent to the grid—continues to impact residential solar demand in the state, we’re seeing meaningful traction through our dealer network and our proposed commercial projects,” continued Hsu. “We are laying the groundwork for commercial and industrial solar and battery system projects that we believe represent a growth opportunity. Although we have no executed contracts, our development pipeline is active, and we are seeking to position SolarMax for longer-term diversification and growth.”

About SolarMax Technology Inc.

SolarMax, based in California and founded in 2008, is a leader within the solar and renewable energy sector focused on making sustainable energy both accessible and affordable. SolarMax has established a strong presence in southern California. SolarMax is looking to generate growth with strategic initiatives that aim to scale commercial solar development services and LED lighting solutions in the US while expanding its residential solar operations. For more information, visit www.solarmaxtech.com.

Any information contained on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, including but not limited to the Company’s ability to develop its commercial solar business and to be accepted as a provider of commercial solar systems in the United States, and its ability to recommence its operations in China where is has not generated any revenue since 2021, and to respond to any changes in governmental policies relating to renewable energy and those factors described in “Cautionary Note on Forward-Looking Statements” “Item 1A. Risk Factors,” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 31, 2025. SolarMax undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Contact:

For more information, contact:
Stephen Brown, CFO
(951) 300-0711

THE WOODLANDS, Texas, May 16, 2025 (GLOBE NEWSWIRE) — LGI Homes, Inc. (NASDAQ: LGIH) is pleased to announce the success of its ninth annual Service Impact Day. Since launching the initiative in 2016, this meaningful day has become a company-wide tradition, during which every LGI Homes team member shifts focus from sales and closings to dedicate their time and resources to supporting local charities through hands-on volunteer work and financial contributions.

“Service Impact Day stands as one of the most meaningful and fulfilling days of the year,” stated Eric Lipar, Chief Executive Officer and Chairman of LGI Homes. “This day exemplifies how our employees embody LGI’s core values by actively giving back to the communities we proudly serve. On Thursday, May 15th, LGI Homes team members contributed more than 8,500 volunteer hours, while collaborating with more than 60 nonprofit and charitable organizations across the country. The dedication and enthusiasm demonstrated by both our employees and community partners are truly inspiring, and they highlight the meaningful difference we can make together.”

Mr. Lipar concluded, “We extend our heartfelt gratitude to our nonprofit partners for their essential and impactful work – and for allowing us to contribute to their efforts. We are equally proud of our employees, whose generosity, commitment, and community spirit made this year’s Service Impact Day a tremendous success.”

Service Impact Day is the hallmark event in the Company’s philanthropic initiative, LGI Giving, through which it anticipates donating upwards of $1 million in 2025 to support nonprofit charitable organizations in the communities where it does business.

About LGI Giving

Founded in 2016, the LGI Giving initiative was created to allow LGI employees to have a larger impact on the communities in which they serve through volunteering and financial contributions – strengthening local relationships and demonstrating loyalty. Since then, the initiative has grown to support numerous organizations each year. Through this initiative, the Company has contributed over $4 million in corporate, nonprofit sponsorships and donated approximately 50,000 employee service hours in collaboration with dozens of charities and other nonprofit organizations nationwide. During LGI Giving’s Annual Service Impact Day, LGI offices across the nation are closed, and every employee donates their time and energy to supporting a nonprofit organization or cause in their community. For more information on LGI Giving, please visit https://www.lgihomes.com/community-involvement.

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes across 36 markets in 21 states. As one of America’s fastest growing companies, LGI Homes has closed over 75,000 homes since its founding in 2003 and has delivered profitable financial results every year. Nationally recognized for its quality construction and exceptional customer service, LGI Homes was named to Newsweek’s list of the World’s Most Trustworthy Companies. LGI Homes’ commitment to excellence extends to its more than 1,000 employees, earning the Company numerous workplace awards at the local, state and national level, including the Top Workplaces USA 2025 Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation, please visit the Company’s website at www.lgihomes.com.

MEDIA CONTACT:

Rachel Eaton
(281) 362-8998 ext. 2560

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/3b57ae55-c7e6-4672-99bc-d72958a9c22e

https://www.globenewswire.com/NewsRoom/AttachmentNg/f013e09d-de85-42a0-be51-c10c1e69c4a3

https://www.globenewswire.com/NewsRoom/AttachmentNg/8a3c60a1-ce5e-4070-bbfd-99a1f62984b0

ACHESON, Alberta, May 16, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA/NYSE:NOA) today announced the results of its Annual Meeting of Shareholders held on May 14, 2025. Shareholders elected directors, approved the appointment of KPMG LLP as the independent auditors of the Company and approved a non-binding advisory vote regarding the Company’s approach to executive compensation. The following are the results of the votes held at the meeting:

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information, please contact:        

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
Phone: (780) 960-7171
Email: [email protected]

SAN CARLOS, Calif., May 16, 2025 (GLOBE NEWSWIRE) — Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) (“Iovance” or the “Company”), a biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (“TIL”) therapies for patients with cancer, today announced that on May 15, 2025 (the “Date of Grant”), the Company approved the grant of inducement stock options covering an aggregate of 278,770 shares of Iovance’s common stock to 59 new, non-executive employees.

The awards were granted under Iovance’s Amended and Restated 2021 Inducement Plan, which was adopted on September 22, 2021 and amended and restated on January 12, 2022, March 13, 2023, February 26, 2024, and November 22, 2024, and provides for the granting of equity awards to new employees of Iovance by the Company’s compensation committee in accordance with Nasdaq Listing Rule 5635(c)(4). Each of the stock options granted as referenced in this press release has an exercise price of $1.76, the closing price of Iovance’s common stock on the Date of Grant. Each stock option vests over a three-year period, with one-third of the shares vesting on the first anniversary of the employee’s start date (the “First Vesting Date”) and the remaining shares vesting in eight quarterly installments over the next two years, commencing with the first quarter following the First Vesting Date, subject to continued employment with the Company through the applicable vesting dates.

About Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics, Inc. aims to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (“TIL”) therapies for patients with cancer. We are pioneering a transformational approach to cure cancer by harnessing the human immune system’s ability to recognize and destroy diverse cancer cells in each patient. The Iovance TIL platform has demonstrated promising clinical data across multiple solid tumors. Iovance’s Amtagvi^® is the first FDA-approved T cell therapy for a solid tumor indication. We are committed to continuous innovation in cell therapy, including gene-edited cell therapy, that may extend and improve life for patients with cancer. For more information, please visit www.iovance.com.

Amtagvi^® and its accompanying design marks, Proleukin^®, Iovance^®, and IovanceCares™ are trademarks and registered trademarks of Iovance Biotherapeutics, Inc. or its subsidiaries. All other trademarks and registered trademarks are the property of their respective owners.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements” of Iovance Biotherapeutics, Inc. (hereinafter referred to as the “Company,” “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “can,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments, and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, levels of activity, performance, achievements, and developments to be materially different from those expressed in or implied by these forward-looking statements. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

CONTACTS

Investors

[email protected]

650-260-7120 ext. 150

Media

[email protected]

650-260-7120 ext. 150