Immunomedics Inc. (IMMU) Investors $40M Settlement

Immunomedics Inc. (IMMU) agreed to settle $40 million with investors.

For question please contact George Scott - [email protected]

The complaint claimed that during the Class Period, all Defendants made false and misleading statements or failed to disclose important information about Immunomedics. The company had a data integrity breach at its Morris Plains, New Jersey manufacturing facility which jeopardized the approval of the drug sacituzumab govitecan-hziy (also known as "IMMU-132") for patients with previously treated metastatic triple-negative breast cancer. This allegedly caused the stock prices of Immunomedics to be falsely inflated. The Individual Defendants were accused of violating §20(a) of the Securities Exchange Act of 1934, while all Defendants were accused of violating §10(b) of the same act. Defendants disputed the claims made by Lead Plaintiffs and argued that they had not broken any laws under the Exchange Act.