SAN DIEGO & MORRIS PLAINS, N.J.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Immunomedics, Inc. (NASDAQGM: IMMU) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between August 23, 2018 and December 20, 2018. Immunomedics, a clinical-stage biopharmaceutical company, focuses on the development of monoclonal antibody-based products for the targeted treatment of cancer.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/immunomedics-inc-jan-2019/
Immunomedics Accused of Data Integrity Breach
According to the complaint, on December 17, 2018, FDAnews.com published an article, stating that "[t]he FDA cited Immunomedics for a host 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." The breach purportedly included "manipulated bioburden samples, misrepresentations of in integrity test procedure in the batch record, and backdating of batch records, such as dates of analytical results." On December 20, 2018, Favus Institutional Research issued its own report discussing the data integrity breach. On this news, Immunomedics's stock fell 20% to close at $14.17 on December 20, 2018.
Immunomedics Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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