RADNOR, Pa., Jan. 04, 2019 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the District of New Jersey against Immunomedics, Inc. (NASDAQ: IMMU) (“Immunomedics”) on behalf of purchasers of Immunomedics common stock between August 23, 2018 and December 20, 2018 , inclusive (the “Class Period”).
Important Deadline: 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 .
According to the complaint, Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer.
The Class Period commences on August 23, 2018, when Immunomedics filed its Form 10-K for the fiscal year ended June 30, 2018.
According to the complaint, on December 17, 2018, 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%.
If you wish to discuss this securities fraud class action lawsuit 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 complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com .
CONTACT:
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
