|[February 28, 2014]
Girard Gibbs Announces Class Action Lawsuit on Behalf of Investors of Immunomedics, Inc.
SAN FRANCISCO --(Business Wire)--
Gibbs LLP announces that a class action lawsuit has been filed on
behalf of purchasers of Immunomedics,
Inc. (NASDAQ: IMMU) common stock between May 9, 2013 and October 9,
2013, inclusive, who are seeking to recover damages for alleged
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, autimmune, and other serious diseases. The Company
has built a pipeline of therapeutic product candidates that are in
In 2008, Immunomedics entered into a License and Collaboration Agreement
with Nycomed GmbH, wherein Immunomedics issued Nycomed a worldwide
license to develop, manufacture, and commercialize Veltuzumab, a
humanized monoclonal antibody used 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, Takeda Pharmaceutical Company acquired Nycomed to form
Takeda-Nycomed. As a result of the Agreement, Takeda-Nycomed was
responsible for completing the clinical development and obtainment of
all necessary regulatory approvals for Veltuzumab, as well as
commercializing and manufacturing Veltuzumab for sale in non-cancer
indications. During this time, however, Takeda-Nycomed and the
Immunomedics were engaged in a dispute regarding a delay in the
therapeutic compound's development.
On October 9, 2013, Immunomedics issued a press release announcing that
the Agreement with Takeda-Nycomed had been terminated. On this news,
Immunomedics common stock dropped 5.9% on heavy trading volume.
Moreover, on the previous day, October 8, 2013, Immunomedics common
stock dropped nearly 12%, on very heavy trading volume, as news about
the termination of the Agreement leaked into the market.
If you are a member of the Class described above and you meet certain
legal requirements, you may file a motion with the Court to serve as
lead plaintiff, no later than April 28, 2014. No action is required to
remain a member of the Class. You may retain counsel of your choice or
take no action and remain an absent member of the Class.
If you would like to discuss your rights or interests regarding the
Immunomedics class action lawsuit, please contact Girard
Gibbs securities lawyer John A. Kehoe at (212) 798-0159 or by email
Girard Gibbs LLP is one of the nation's leading law firms representing
individual and institutional investors in securities fraud class actions
and litigation to correct abusive corporate governance practices,
breaches of fiduciary duty, and proxy violations.
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