Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Immunomedics, Inc. (“IMMU” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the District of New Jersey by another law firm on behalf of purchasers of the common stock of Immunomedics, Inc. (NASDAQ: IMMU) between May 9, 2013 and October 9, 2013, inclusive (the “Class Period”).
The complaint alleges that IMMU and certain of its officers and directors (“Defendants”) made numerous positive statements about Veltuzumab and its related development with IMMU partner Takeda-Nycomed (the “Agreement”), while in fact the Company and Takeda-Nycomed were actually embroiled in an on-going dispute regarding the same. On May 14, 2013, just after the beginning of the Class Period, IMMU provided Takeda-Nycomed with a formal notification that, as a result of the delays in the development in Veltuzumab, it considered Takeda-Nycomed to be in "material breach" of the Agreement and that the Agreement would terminate if the breach remained uncured.
The Class Period ends on October 9, 2013 with IMMU’s announcement that its development Agreement with Takeda-Nycomed had been terminated. The announcement was made after the market close on October 9 and Immunomedics shares fell from $5.60 to $5.56 on October 10.
Cohen Milstein encourages all investors who purchased IMMU common stock between May 9, 2013 and October 9, 2013 or former employees with information concerning this matter to contact the firm.
If you are an IMMU shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at
. If you wish to serve as lead plaintiff, you must move the Court no later than April 28, 2014 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation.