WASHINGTON, D.C. – Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Immunomedics, Inc. (“Immunomedics” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the District of New Jersey by another law firm on behalf of purchasers of the common stock of Immunomedics, Inc. (NASDAQ: IMMU) between August 23, 2018 and December 20, 2018, inclusive (the “Class Period”).
The complaint alleges that Immunomedics and certain of its officers and directors (“Defendants”) misled investors about an FDA inspection. The claims in this case followed the disclosure that the Company had received a Form 483 following an FDA inspection. An FDA Form 483 is issued at the conclusion of a facility inspection when an investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act or related acts. Specifically, the complaint alleges that Defendants misled investors by stating that “the FDA generally will issue a notice on Form 483 if it finds issues with respect to its inspections” without disclosing that, shortly before the start of the Class Period, the FDA had “cited Immunomedics for a host of violations observed at its Morris Plains, New Jersey, drug substance manufacturing facility.”
On December 17, 2018, FDAnews.com published an article titled “FDA Hits Immunomedics for Data Integrity Breach.” The article revealed that the FDA cited Immunomedics for a variety 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, 2018. FDAnews.com further reported that the data integrity 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.” The price of Immunomedics shares fell from $18.73 to $17.86, or approximately 4.6%, on December 17.
On December 20, 2018, the end of the Class Period, Favus Institutional Research published a cautious report on the Company discussing the data integrity breach. Immunomedics shares fell from $17.64 to $14.17 on December 20.
Cohen Milstein encourages all investors who purchased Immunomedics common stock between August 23, 2018 and December 20, 2018, or former employees with information concerning this matter to contact the firm.
If you are an Immunomedics shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at email@example.com. If you wish to serve as lead plaintiff, you must move the Court no later than February 25, 2019 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: firstname.lastname@example.org; email@example.com
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