Case Background:
On December 27, 2018, the initial complaint in this securities class action was filed against Immunomedics, Inc. (“Immunomedics”), and certain of Immunomedics’ directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of a class of all investors who purchased or acquired the common stock of Immunomedics between February 9, 2018 and January 17, 2019, both dates inclusive (the “Class Period).
The complaint alleges that during the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts. Specifically, during the Class Period, and unbeknownst to investors, Immunomedics misled investors by stating in its Securities and Exchange Commission filings beginning on August 23, 2018, that, "the FDA generally will issue a notice on Form 483 if it finds issues with respect to its inspections" without disclosing to investors the fact that between August 6, 2018, and August 14, 2018, the FDA cited Immunomedics for a host of violations observed at its Morris Plains, New Jersey, drug substance manufacturing facility. These violations included manipulated bioburden samples, misrepresentation of an integrity test procedure in the batch record, and backdating of batch records, such as dates of analytical results.
Current Status of Case:
On November 18, 2019, Plaintiffs filed a consolidated complaint (the “Complaint”). Defendants filed a Motion to Dismiss the Complaint on January 17, 2020. On July 31, 2020, the Court denied the Defendants' Motion to Dismiss. On June 15, 2023, the Court entered an order approving the settlement of this action. This action has concluded.
The deadline to file a claim is December 27, 2018. If you have any questions or need further information about this settlement, you may go to the following website, https://www.immunomedicssecuritiessettlement.com/, or you can contact the claims administrator, JND Legal Administration at 1-855-678-0183.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com.