On December 27, 2018, the initial complaint in this securities class action was filed against Immunomedics, Inc. (“Immunomedics”), and certain of Immunomedics’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleged that during the class period, the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts. During the class period, and unbeknownst to investors, Immunomedics misled investors by stating in its United States 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.
This is a federal securities class action brought on behalf of a class of those who purchased or otherwise acquired Immunomedics common stock between February 9, 2018 and January 17, 2019, inclusive.
Current Status of Case:
The lead plaintiffs filed a consolidated complaint on November 18, 2019. The defendants filed a motion to dismiss the consolidated complaint on January 17, 2020. On July 31, 2020, the Court denied the defendants' motion to dismiss, thereby allowing the action to proceed. The parties are currently in the discovery phase of the litigation. This action is still ongoing.
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: James Maro, Esq. (484-270-1453) or Adrienne Bell, Esq. (484-270-1435); toll-free at (844) 887-9500; or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.