NEW YORK, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Immunomedics, Inc. (“Immunomedics” or the “Company”) (NASDAQ: IMMU ) of the February 25, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Immunomedics stock or options between August 23, 2018 and December 20, 2018 and would like to discuss your legal rights, click here : www.faruqilaw.com/IMMU. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26 th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Immunomedics common stock between August 23, 2018 and December 20, 2018 (the “Class Period”). The case, Odeh v. Immunomedics, Inc. et al., No. 18-cv-17645 was filed on December 27, 2018, and has been assigned to Madeline Cox Arleo.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misleading investors about an FDA citation regarding a host of violations observed at its Morris Plains, New Jersey drug substance manufacturing facility. These violations 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.
Specifically, on December 17, 2018, when 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 states 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."
On this news, the Company's stock price fell from an $18.54 opening price on December 17, 2018 to a closing price of $17.86--a $0.68 or 3.67% drop.
Then, on December 20, 2018, Favus Institutional Research issued a Report discussing the data integrity breach.
On this news, the Company's stock price fell from $17.64 per share on December 19, 2018 to $14.17 per share on December 20, 2018--a $3.47 or 19.67% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Immunomedics’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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