NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in ImmunoCellular Therapeutics, Ltd. (“ImmunoCellular” or the “Company”) (NYSEMKT:IMUC) of the June 30, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in ImmunoCellular stock or options between May 1, 2012 and December 11, 2013 and would like to discuss your legal rights, click here: www.faruqilaw.com/IMUC. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased ImmunoCellular common stock between May 1, 2012 and December 11, 2013 (the “Class Period”). The case, Arthur Kaye IRA FCC as Custodian DTD 6-8-00 v. ImmunoCellular Therapeutics, Ltd. et al, No. 2:17-cv-03250 was filed on May 1, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that ImmunoCellular retained Lidingo Holdings, LLC to publish promotional articles designed to unlawfully promote the Company and inflate the price of ImmunoCellular stock. According to the lawsuit, as a result of this scheme, investors were led to believe that the Company’s clinical studies for its lead product candidate, ICT-107 were going well in order to inflate ImmunoCellular’s share price.
Specifically, after market close on December 11, 2013, the Company revealed that the primary endpoint for its ICT-107 Phase II study “did not reach statistical significance” because it failed to increase overall survival in patients diagnosed with glioblastoma multiforme. On this news, ImmunoCellular’s share price fell from $2.72 per share on December 11, 2013 to a closing price of $1.10 on December 12, 2013—a $1.62 or a 59.56% drop.
Then, on April 10, 2017, the Securities and Exchange Commission (“SEC”) announced “enforcement actions against 27 individuals and entities behind various alleged stock promotion schemes” that involved public companies including ImmunoCellular. Additionally, as part of an SEC proceeding, the Company’s former Chief Executive Officer, Manish Singh acknowledged, among other things, that he participated “in a paid stock-touting scheme”.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding ImmunoCellular’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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