RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Immunomedics, Inc. (“Immunomedics” or the “Company”) (NASDAQ: IMMU) securities between August 23, 2018 and December 20, 2018, inclusive (the “Class Period”).
Immunomedics shareholders may, no later than February 25, 2019, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Immunomedics and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
According to the complaint, on December 17, 2018, FDAnews.com published an article titled “FDA Hits Immunomedics for Data Integrity Breach.” According to this article, “[t]he FDA cited Immunomedics for a host of violations – including its handling of a data integrity breach – observed at its Morris Plains, New Jersey, drug substance manufacturing facility between August 6 and 14.” The article stated that this breach 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.” Following the publication of the FDAnews.com article, Immunomedics shares fell from an opening price of $18.54 to close at $17.86, a decline of 4%.
Then, on December 20, 2018, Favus Institutional Research issued a report (the “Favus Report”) discussing the data integrity breach. Following the Favus Report, Immunomedics’ stock price fell from $17.64 at close on December 19, 2018 to $14.17 at close on December 20, 2018, a drop of 20%.
If you are a member of the class, you may, no later than February 25, 2019, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.