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Case Status:    DISMISSED    
On or around 07/15/2015 (Court's order of dismissal)

Filing Date: February 27, 2014

According to the law firm press release, Immunomedics is a biopharmaceutical company primarily focused on the development of monoclonal antibody-based products for the targeted treatment of cancer and autoimmune and other serious diseases.

In July 2008, Immunomedics entered into a License and Collaboration Agreement (the “Agreement”) with Nycomed GmbH (“Nycomed”), whereby the Company issued Nycomed a worldwide license to develop, manufacture and commercialize one of its most advanced therapeutic compounds, Veltuzumab, a humanized monoclonal antibody for the treatment of all non-cancer indications. Immunomedics retained the rights to develop, manufacture and commercialize Veltuzumab in the field of oncology. In September 2011, Nycomed was acquired by Takeda Pharmaceutical Company (hereinafter referred to as “Takeda-Nycomed”). As a result of entering into the Agreement, Takeda-Nycomed was solely responsible for completing the clinical development of and obtaining all necessary regulatory approvals for Veltuzumab, as well as commercializing and manufacturing Veltuzumab for sale in non-cancer indications.

The complaint alleges that, during the Class Period, defendants made numerous positive statements about Veltuzumab and its related development by Takeda-Nycomed. Unbeknownst to investors however, prior to and during the Class Period, the Company and Takeda-Nycomed were embroiled in an on-going dispute regarding what Immunomedics considered to be an unacceptable delay in the development of Veltuzumab. In fact, on May 14, 2013, just three days after the beginning of the Class Period, Immunomedics provided Takeda-Nycomed with a formal notification that, as a result of the delays in the development in Veltuzumab, it considered Takeda-Nycomed to be in “material breach” of the Agreement and that the Agreement would terminate if the breach remained uncured. Thereafter, defendants continued to make positive statements about Veltuzumab and its related development by Takeda-Nycomed.

Then, on October 9, 2013, Immunomedics issued a press release announcing that the Agreement with Takeda-Nycomed had been terminated. On this news, Immunomedics common stock dropped 5.9%, on very heavy trading volume. Moreover, the previous day, October 8, 2013, Immunomedics common stock dropped nearly 12%, on very heavy trading volume, as news about the termination of the Agreement leaked into the market.

On June 24, 2014, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. Lead Plaintiff filed an amended complaint on August 8.

On January 28, 2015, the Court issued an Order granting defendants' Motion to Dismiss. Plaintiffs were given leave to amend their complaint. Plaintiffs filed an amended complaint on February 27.

On July 15, 2015, the Court issued an Order granting Defendant's motion to dismiss and closing this case.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IMMU
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 14-CV-01269
JUDGE: Hon. Stanley R. Chesler
DATE FILED: 02/27/2014
CLASS PERIOD START: 05/09/2013
CLASS PERIOD END: 10/09/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohn, Lifland, Pearlman, Herrmann & Knopf
    Park 80 Plaza West-One, Cohn, Lifland, Pearlman, Herrmann & Knopf, NJ 7663
    201845.9600 · info@njlawfirm.com
  2. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 14-CV-01269
JUDGE: Hon. Stanley R. Chesler
DATE FILED: 02/27/2015
CLASS PERIOD START: 05/09/2013
CLASS PERIOD END: 10/09/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm (New Jersey)
    236 Tillou Road, The Rosen Law Firm (New Jersey), NJ 07079
    (973) 313-1887 (973) 833-0399 · lrosen@rosenlegal.com
No Document Title Filing Date