The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice relates to the approved Settlement of a class action lawsuit pending against the following defendants: Immunomedics, Inc., Michael Pehl, Michael R. Garone, Usama Malik, Behzad Aghazadeh, Peter Barton Hutt, Scott Canute, Khalid Islam, and Morris Rosenberg. The approved Settlement, will apply to the following Class: All persons who purchased or acquired Immunomedics, Inc. ("Immunomedics" or the "Company") common stock during the period between February 9, 2018 and January 17, 2019, inclusive, and were damaged thereby, and are not otherwise excluded from the class (the "Class").
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 are those Persons who timely and validly exclude themselves therefrom by submitting a request for exclusion in accordance with the requirements set forth in question 11 of the Notice. Anyone with questions as to whether or not they are excluded from the Class may call the Claims Administrator toll-free at 1-855-678-0183.
Following Court approval, and as described more fully in the Notice, Plaintiffs, on behalf of the Class, have agreed to settle all Released Claims (as defined in Question 10 of the Notice) against Defendants and other Released Defendant Parties in exchange for a settlement payment of $40 million in cash to be deposited into an escrow account. The Net Settlement Fund will be distributed in accordance with the Court-approved plan of allocation and will determine how the Net Settlement Fund shall be distributed to members of the Class. The objective of the Plan of Allocation is to equitably distribute the Net Settlement Fund to those Class Members who suffered economic losses as a proximate result of the alleged wrongdoing. The Plan of Allocation is included in the Notice.
The Class is defined as:
All Persons that purchased or otherwise acquired Immunomedics common stock during the period between February 9, 2018 and January 17, 2019, inclusive, and were damaged thereby.
Payments to eligible claimants will be made only if the Court approves the Settlement and a Plan of Allocation, only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the "Important Documents" and "File a Claim" tabs at the top of this page.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A PROOF OF CLAIM FORM
||The only way to be eligible to receive a payment from the Settlement. Proof of Claim forms must be postmarked or submitted online on or before June 8, 2023.
|GO TO THE HEARING ON JUNE 15, 2023
||Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before May 25, 2023 (DEADLINE HAS PASSED).
||Receive no payment. You will, however, still be a Member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Defendant Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.
How do I obtain more information?
Detailed information about the Settlement is contained in the Notice, a copy of which can be found on the "Important Documents" tab at the top of this page. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-855-678-0183 or emailing Info@ImmunomedicsSecuritiesSettlement.com or mailing a letter to:
Immunomedics Securities Settlement
c/o JND Legal Administration
P.O. Box 91456
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.