Immunomedics
Settlement of Odeh v. Immunomedics, Inc., et al.,
No. 2:18-cv-17645-EP-ESK
The parties have reached a settlement of this action, pending in the United States District Court for the District of New Jersey. The settlement provides for the payment of $40 million for the benefit of eligible Class Members. Lead Plaintiffs Construction Industry and Laborers Joint Pension Trust and Boris Saljanin alleged that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that Immunomedics, Inc. (“Immunomedics”) had suffered a data integrity breach at its Morris Plains, New Jersey manufacturing facility, causing the price of Immunomedics’ common stock to trade at artificially inflated prices. When the Defendants’ alleged misrepresentations were revealed, the stock declined resulting in financial losses to those who purchased or otherwise acquired Immunomedics common stock at the inflated prices.
The Class consists of all Persons who purchased or otherwise acquired the common stock of Immunomedics between February 9, 2018 and January 17, 2019, inclusive, and were damaged thereby. Excluded from the Class are: (i) Individual Defendants; (ii) the immediate family members of the Individual Defendants; (iii) the officers and directors of Immunomedics during the Class Period and their immediate family members; (iv) any firm, trust, corporation, or other entity in which any Defendant has, or had during the Class Period, a controlling interest; and (v) the legal representatives, affiliates, heirs, successors-in-interest, or assigns of any such excluded person or entity under clauses (i)-(iv). Also excluded from the Class is any Person who would otherwise be a Member of the Class but who validly and timely requested exclusion in accordance with the requirements set by the Court in connection with the Settlement.
The settlement was approved by the Court on June 15, 2023.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.
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