Robbins Geller Rudman & Dowd LLP Announces a Securities Case Has Been Filed on Behalf of Purchasers of Immunomedics, Inc. Securities
SAN DIEGO--(BUSINESS WIRE)--Feb 7, 2019--Robbins Geller Rudman & Dowd LLP announces that a securities class action case has been filed on behalf of purchasers of Immunomedics, Inc. (NASDAQ:IMMU) common stock between August 23, 2018 and December 20, 2018 (the “Class Period”) in the U.S. District Court for the District of New Jersey, Odeh v. Immunomedics, Inc., No. 2:18-cv-17645, and is assigned to Judge Arleo.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Immunomedics stock during the Class Period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff or have questions concerning your rights, please contact Mary Blasy of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. Lead plaintiff motions must be filed with the court no later than 60 days from December 27, 2018, or by February 25, 2019.
The complaint charges Immunomedics and two senior executive officers with violating the Securities Exchange Act of 1934 by failing to inform investors that the FDA had issued a Form 483 to Immunomedics between August 6, 2018 and August 14, 2018 for a host of violations at its Morris Plains, New Jersey drug substance manufacturing facility. Among thirteen violations the FDA reported were “manipulation of bioburden samples,” “misrepresentation” of the “integrity test procedure in a batch record,” and “backdating of batch results, including dates of analytical results.” As a result of this information being withheld from investors, Immunomedics shares traded at artificially inflated prices during the Class Period.
Robbins Geller recently obtained a plaintiff’s verdict in a securities class action against another biotech company in federal court in Orange County, California, with the jury finding that defendants committed securities fraud and awarding shareholders up to $100 million in damages. Seehttps://www.rgrdlaw.com/news-item-Robbins-Geller-Announces-Verdict-in-Trial-Against-Puma-Biotechnology.html.
Robbins Geller is a national law firm representing investors in securities litigation. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in both the amount recovered for shareholders and the total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also advocates for corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.
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CONTACT: Robbins Geller Rudman & Dowd LLP
Mary Blasy, 800-449-4900
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Geller Rudman & Dowd LLP
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PUB: 02/07/2019 10:30 PM/DISC: 02/07/2019 10:30 PM