SAN FRANCISCO, February 28, 2014 – Gibbs Law Group 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, autoimmune, and other serious diseases. The Company has built a pipeline of therapeutic product candidates that are in clinical development.
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 Gibbs Law Group securities lawyer John A. Kehoe at (212) 798-0159 or by email at firstname.lastname@example.org.
Gibbs Law Group 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.
Gibbs Law Group LLP