Hagens Berman served as lead counsel in this securities class-action lawsuit, representing purchasers of the securities of Immunomedics, Inc. from May 2, 2016, through June 24, 2016. The lawsuit alleged Immunomedics misleading investors, and the 2022 settlement totals $4 million.
In 2016, Hagens Berman Sobol Shapiro LLP began its investigation of possible securities law violations by Immunomedics, Inc. and its management on behalf of investors in Immunomedics.
This case concerns Defendants’ efforts at artificially inflating their stock price by touting upcoming presentations at a prestigious oncology conference at the American Society of Clinical Oncology (“ASCO”). Defendants knew that their ASCO presentation was dependent upon honoring an embargo that prohibited them from disclosing the data to be presented at other conferences during a quiet period. Nevertheless, Defendants publicly released their data at various other meetings and, when discovered by ASCO, were kicked out of the ASCO conference. The stock price plummeted nearly 15% and the CEO and CFO were forced to resign.
CASE TIMELINE
U.S. District Court Judge Katharine S. Hayden approved a $4 million settlement.
Hagens Berman will post important information on this page, such as when notices will be mailed and date of final approval hearing.
Hagens Berman is pleased to announce a settlement with defendants totaling $4 million. The settlement provides significant relief to purchasers of the securities of Immunomedics, Inc. from May 2, 2016, through June 24, 2016, both dates inclusive, resolving allegations that defendants misled investors by touting their presentation of upcoming research data at a prestigious oncology conference at the American Society of Clinical Oncology.
The court approved the settlement on Jan. 19, 2023. The deadline for class members to submit a claim was Dec. 6, 2022. A final fairness hearing was held on Jan. 19, 2023. For more details on the settlement, visit StrategicClaims.net/Immunomedics.
