Block & Leviton Secures Investor Win Over Immunomedics

Securities fraud class action will now proceed to discovery

On July 31, 2020, the United States District Court for the District of New Jersey, Judge Madeline Cox Arleo, denied Defendants' Motion to Dismiss Plaintiffs' Amended Complaint in a securities fraud class action against Immunomedics, Inc. and certain of its executives and board members. The Court held that Plaintiffs' complaint "adequately alleged scienter," (i.e., knowledge or reckless disregard) and several false or misleading statements, "and have therefore stated a claim for securities fraud under Section 10(b)."

The case involves a data integrity breach at Immunomedics Morris Plains, New Jersey manufacturing plant, which went undisclosed to investors during the class period. Even after the breach was disclosed, its impact was minimized by Defendants. The FDA ultimately issued a complete response letter in January 2019, causing Immunomedics shares to fall significantly.

Block & Leviton serves as co-lead counsel to the class in this action.

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