Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/immunomedics/) today announced that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Immunomedics, Inc. (“Immunomedics”) (NASDAQ:IMMU) common stock during the period between May 9, 2013 and October 9, 2013 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/immunomedics/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Immunomedics and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Immunomedics is a biopharmaceutical company primarily focused on the development of monoclonal antibody-based products for the targeted treatment of cancer and autoimmune and other serious diseases.
In July 2008, Immunomedics entered into a License and Collaboration Agreement (the “Agreement”) with Nycomed GmbH (“Nycomed”), whereby the Company issued Nycomed a worldwide license to develop, manufacture and commercialize one of its most advanced therapeutic compounds, Veltuzumab, a humanized monoclonal antibody for the treatment of all non-cancer indications. Immunomedics retained the rights to develop, manufacture and commercialize Veltuzumab in the field of oncology. In September 2011, Nycomed was acquired by Takeda Pharmaceutical Company (hereinafter referred to as “Takeda-Nycomed”). As a result of entering into the Agreement, Takeda-Nycomed was solely responsible for completing the clinical development of and obtaining all necessary regulatory approvals for Veltuzumab, as well as commercializing and manufacturing Veltuzumab for sale in non-cancer indications.