Class action lawsuit centers around Immunomedics

A law office recently informed shareholders of a disease treatment company that an investor filed a securities class action lawsuit against the firm.

Robbins Arroyo, LLP, noted that the litigation was filed against Immunomedics, Inc., in the U.S. District Court for the District of New Jersey and includes all investors who purchased stock in the company during the class period between May 9, 2013, and Oct. 9, 2013.

Allegations in the lawsuit center around the board of directors and other officers violating the Securities Exchange Act of 1934. On Oct. 8, 2013, information came out that Immunomedics was no longer working with Nycomed GmbH. This resulted in its stock dropping 12 percent, or $0.80, to $5.95 per share.

One day later, the company confirmed the news, further noting that Nycomed was in breach of their agreement back in May of last year. This resulted in stocks dropping another 5.88 percent or $0.35, to $5.60 per share.

The lawsuit had further allegations regarding Immunomedics' leaders. This included a number of statements that were either false or otherwise misleading regarding the company's relationship with Nycomed. This includes the point of contention between both companies regarding the drug Veltuzumab, as well as the breach that occurred in May.

For those shareholders who are interested in learning more about the pending lawsuit, it is possible to speak with the law office to gain further information. Darnell Donahue is the best person to contact, and he can be reached by telephone or email. The law office's website also has information available.

Second lawsuit filed
Another law office noted that a lawsuit was filed in the same court against Immunomedics for many of the same reasons.

Levi and Korsinsky, LLP, explained that the securities class action claim against Immunomedics was for the aforementioned class period.

It is possible that shareholders can become the lead plaintiff, but it is important to file the necessary paperwork with the court by April 28, 2014. However, this is not a mandatory action for shareholders who want to remain an absent class member and collect in the event of a financial return.

Speaking with the law office to gain more information is also an option. Joseph Levi is available to be reached by telephone or email, while the law firm also has further information on its website.