NEW YORK, March 3, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court for the District of New Jersey on behalf of all purchasers of Immunomedics, Inc. common stock ('Immunomedics" or "Company") (Nasdaq:IMMU) between May 9, 2013 and October 9, 2013, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934.
If you purchased Immunomedics during the Class Period, you may, no later than April 28, 2014, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.
In 2008, Immunomedics entered into a License and Collaboration Agreement with Nycomed GmbH, wherein Immunomedics issued Nycomed a worldwide license to develop, manufacture, and commercialize Veltuzumab, a humanized monoclonal antibody used 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, Takeda Pharmaceutical Company acquired Nycomed to form Takeda-Nycomed. As a result of the Agreement, Takeda-Nycomed was responsible for completing the clinical development and obtainment of all necessary regulatory approvals for Veltuzumab, as well as commercializing and manufacturing Veltuzumab for sale in non-cancer indications. During this time, however, Takeda-Nycomed and Immunomedics were engaged in a dispute regarding a delay in the therapeutic compound's development.
On October 9, 2013, Immunomedics issued a press release announcing that the Agreement with Takeda-Nycomed had been terminated. Following this news, Immunomedics common stock dropped 5.9% on heavy trading volume.
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