Company Website:
https://www.ktmc.com/immunomedics-securities-class-action
RADNOR, Pa. -- (Business Wire)
The law firm of Kessler Topaz Meltzer & Check, LLP alerts Immunomedics,
Inc. (NASDAQ: IMMU) (“Immunomedics”) investors that two securities fraud
class action lawsuits have been filed in the United States District
Court for the District of New Jersey (the “District of New Jersey”)
against Immunomedics on behalf of purchasers of Immunomedics common
stock between February 8, 2018 and January 18, 2019,
inclusive (the “Class Period”).
Important Deadline Reminder:Investors who purchased
Immunomedics securities during the Class Period may, no
later than February 25, 2019, seek to be appointed as a lead
plaintiff representative of the class. For additional information or to
learn how to participate in this litigation please visit www.ktmc.com/immunomedics-securities-class-action.
The first complaint was filed on December 27, 2018 in the District of
New Jersey against Immunomedics on behalf of purchasers of Immunomedics
common stock between August 23, 2018 and December 20, 2018.
On February 8, 2019, a second complaint (the “Second Complaint”) was
filed in the same court and expanded the class period to include
purchasers of Immunomedics common stock between February 8, 2018 and
January 18, 2019.
According to the Second Complaint, the Class Period commences on
February 8, 2018, when Immunomedics filed its Form 10-Q with the SEC for
the quarterly period ended December 31, 2017.
According to the Second Complaint, on December 17, 2018, the truth was
partially revealed when the 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%.
Finally, on January 17, 2019, Immunomedics announced that it “received a
Complete Response Letter (CRL) from the U.S. Food and Drug
Administration (FDA) for the Biologics License Application (BLA) seeking
accelerated approval of sacituzumab govitecan for the treatment of
patients with metastatic triple-negative breast cancer (mTNBC) who have
received at least two prior therapies for metastatic disease.” In the
CRL, the FDA raised issues related to approvability “focused on
Chemistry, Manufacturing and Control matters.” Following the news of the
CRL, Immunomedics’ stock price fell drastically, from $18.09 at close on
January 17, 2019 to $13.31 at close on January 18, 2019, a drop of
approximately 26%.
If you wish to discuss these securities fraud class action lawsuits or
have any questions concerning this notice or your rights or interests
with respect to this litigation, please contact Kessler Topaz Meltzer &
Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299–7706
or (610) 667–7706, or via e-mail at info@ktmc.com.
Immunomedics investors may, no later than
February 25, 2019, seek to be appointed as a lead
plaintiff representative of the class through Kessler Topaz Meltzer &
Check, or other counsel, or may choose to do nothing and remain an
absent class member. A lead plaintiff is a representative party who acts
on behalf of all class members in directing the litigation. In order to
be appointed as a 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. Your
ability to share in any recovery is not affected by the decision of
whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and
federal courts throughout the country involving securities fraud,
breaches of fiduciary duties and other violations of state and federal
law. Kessler Topaz Meltzer & Check is a driving force behind corporate
governance reform, and has recovered billions of dollars on behalf of
institutional and individual investors from the United States and around
the world. The firm represents investors, consumers and whistleblowers
(private citizens who report fraudulent practices against the government
and share in the recovery of government dollars). The complaints in
these actions were not filed by Kessler Topaz Meltzer & Check. For more
information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190215005554/en/
Contacts:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne
Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888)
299-7706
(610) 667-7706
info@ktmc.com
Source: Kessler Topaz Meltzer & Check, LLP
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