Law Offices of Howard G. Smith reminds investors that all purchasers of
the common stock of Immunomedics, Inc. (“Immunomedics” or the “Company”)
(NASDAQ:IMMU) between May 9, 2013 and October 9, 2013, inclusive (the
“Class Period”), have until April 28, 2014, to file a motion to be
appointed as lead plaintiff in the shareholder lawsuit.
Immunomedics is a biopharmaceutical company focused on the development
of monoclonal antibody-based products for targeted treatment of cancer,
autoimmune disorders and other serious diseases. The Company’s product
Veltuzumab is a humanized anti-CD20 antibody for the treatment of all
non-cancer indications. In July 2008, Immunomedics entered into a
license and collaboration agreement with Nycomed GmbH to develop,
manufacture and commercialize Veltuzumab. Nycomed was acquired by Takeda
Pharmaceutical Company in September 2011.
The Complaint alleges that during the Class Period defendants issued
materially misleading statements concerning Veltuzumab and its related
development by Takeda-Nycomed, but failed to disclose to investors that,
prior to and during the Class Period, the Company and Takeda-Nycomed
were embroiled in an ongoing dispute concerning a delay in Veltuzumab’s
development.
On October 9, 2013, in a Form 8-K filed with the Securities and Exchange
Commission, Immunomedics disclosed that the Company’s agreement with
Nycomed to develop, manufacture and commercialize Veltuzumab has been
terminated. According to the Form 8-K, Immunomedics previously notified
Nycomed of its concern about delays in the product's advancement, and on
May 14, 2013, notified Nycomed that Nycomed was in material breach of
the agreement and that the agreement would terminate if the breaches
remained uncured. On October 9, 2013, Immunomedics announced that the
agreement had been terminated.
If you purchased Immunomedics common stock during the Class Period, you
may move the Court no later than April 28, 2014, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member of the
Class, you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, please contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at
(215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Copyright Business Wire 2014