Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against Immunomedics, Inc.
NEW YORK--(BUSINESS WIRE)--Jan 3, 2019--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Immunomedics, Inc. (“Immunomedics” or the “Company”) (NASDAQ: IMMU) and other defendants, related to alleged violations of federal securities laws. If you purchased Immunomedics securities between August 23, 2018 and December 20, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Immunomedics is a clinical-stage biopharmaceutical company that develops monoclonal antibody-based products for the targeted treatment of cancer.
The lawsuit alleges that defendants misled investors by stating in the Company’s SEC filings that, “the FDA generally will issue a notice on Form 483 if it finds issues with respect to its inspections,” without disclosing to investors the fact that, between August 6 and August 14, 2018, the FDA cited Immunomedics for a variety of violations observed at its Morris Plains, New Jersey, drug substance manufacturing facility.
The truth was partially revealed 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 stated that the 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 FDAnews.com story, Immunomedics shares fell from their previous close price of $18.73 to close at $17.86, a drop of 4.6%.
Then, on December 20, 2018, Favus Institutional Research issued a report (the “Favus Report”) regarding the Immunomedics data integrity breach.
Following the Favus Report, Immunomedics shares dropped 20%, from $17.64 at close on December 19 to $14.17 at close on December 20.
What You Can Do
If you purchased Immunomedics securities between August 23, 2018 and December 20, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. The lead plaintiff deadline is February 25, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT: Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, NY, NY 10169
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
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SOURCE: Scott+Scott Attorneys at Law LLP
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PUB: 01/03/2019 02:27 PM/DISC: 01/03/2019 02:27 PM