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IMMU.US
id: 554

Immunomedics Inc. (IMMU) Investors $40M Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
D. New Jersey
Court
2:18-cv-17645-ESK
Case number
09 Feb 2018
Class period Start
17 Jan 2019
Class period End
08 Jun 2023
Claim deadline
Immunomedics Inc. (IMMU) agreed to settle $40 million with investors.

For question please contact George Scott - [email protected]

The complaint claimed that during the Class Period, all Defendants made false and misleading statements or failed to disclose important information about Immunomedics. The company had a data integrity breach at its Morris Plains, New Jersey manufacturing facility which jeopardized the approval of the drug sacituzumab govitecan-hziy (also known as "IMMU-132") for patients with previously treated metastatic triple-negative breast cancer. This allegedly caused the stock prices of Immunomedics to be falsely inflated. The Individual Defendants were accused of violating §20(a) of the Securities Exchange Act of 1934, while all Defendants were accused of violating §10(b) of the same act. Defendants disputed the claims made by Lead Plaintiffs and argued that they had not broken any laws under the Exchange Act.

Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
27 December 2018
Plaintiffs
Ahmad Odeh, Construction Industry and Laborers Joint Pension Trust, Boris Saljanin
Attorneys
Robbins Geller Rudman & Dowd LLP, Block & Leviton LLP
Defendants
Michael Pehl, Michael R. Garone, Usama Malik, Behzad Aghazadeh, Peter Barton Hutt, Scott Canute, Khalid Islam, Morris Rosenberg
Judge
Hon. Evelyn Padin
Administrator
JND Legal Administration
Court hearing date
15 June 2023
Exclusion deadline
25 May 2023
Objection deadline
25 May 2023
Hearing deadline
25 May 2023
+$40,000,000
Cash Settlement Amount