NEWARK, N.J., Oct. 31, 2022 (GLOBE NEWSWIRE) -- Hagens Sobol Shapiro LLP announces that the United States District Court for the District of New Jersey has approved the following announcement of a proposed securities class action settlement that would benefit purchasers of Immunomedics, Inc. securities.
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED IMMUNOMEDICS, INC. SECURITIES FROM MAY 2, 2016 THROUGH JUNE 24, 2016, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on January 19, 2023 at 11:00 a.m. before the Honorable Katharine S. Hayden, United States District Judge of the District of New Jersey, United States Courthouse, Room 4015, 50 Walnut Street, Newark, NJ 07102 for the purpose of determining: (1) whether the proposed settlement of the claims in the above-captioned Action (“Settlement”) for consideration including the sum of $4,000,000 (“Settlement Amount”) should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of attorneys for Lead Plaintiff (“Lead Plaintiff’s Counsel”) for an award of attorneys’ fees of up to one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $180,000 and an incentive payment of no more than $10,000 to Lead Plaintiff should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated April 13, 2022 (the “Settlement Stipulation”). The Court may also hold the hearing telephonically or by videoconference.
If you purchased or otherwise acquired Immunomedics, Inc. (“Immunomedics”) publicly-traded securities during the period from May 2, 2016 through June 24, 2016, both dates inclusive (the “Settlement Class Period”), you are a “Settlement Class Member” and your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Immunomedics securities. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form (“Proof of Claim”), you may download a copy at www.strategiclaims.net/Immunomedics/ or obtain copies by contacting the Claims Administrator at: Immunomedics, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net.
If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must electronically submit a properly completed Proof of Claim by 11:59 p.m. on December 6, 2022 to the Claims Administrator, establishing that you are entitled to recovery. If you are unable to electronically submit a Proof of Claim, you may mail a Proof of Claim at your own expense. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form postmarked no later than December 6, 2022 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.
If you want to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than December 29, 2022, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment and the releases therein entered in the Action pursuant to the Settlement Stipulation.
Any objection to the Settlement, Plan of Allocation, or Lead Plaintiff’s Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiff must be in the manner and form explained in the detailed Notice and received no later than December 29, 2022, to each of the following:
Clerk of the Court
United States District Court
District of New Jersey
King Fed. Bldg. & United States Courthouse
50 Walnut St., Room 4015
Newark, New Jersey 07102LEAD COUNSEL:
Bruce D. Greenberg
570 Broad Street, Suite 1201
Newark, NJ 07102Reed R. Kathrein
Wesley Wong
715 Hearst Avenue, Suite 202
Berkeley, CA 94710COUNSEL FOR DEFENDANTS:
Caryn G. Schechtman
DLA Piper LLP (US)
1251 Avenue of the Americas
New York, NY 10020Kristin A. Pacio
DLA Piper LLP (US)
51 John F. Kennedy Parkway, Suite 120
Short Hills, NJ 07078Albert H. Manwaring, IV
Morris James LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
If you have any questions about the Settlement, you may call or write to Lead Plaintiff’s Counsel:
HAGENS BERMAN SOBOL SHAPIRO LLP
Reed Kathrein
715 Hearst Avenue, Suite 202
Berkeley, CA 94710
reed@hbsslaw.comLITE DEPALMA GREENBERG & AFANADOR, LLC
Bruce D. Greenberg
570 Broad Street, Suite 1201
Newark, NJ 07102
bgreenberg@litedepalma.com
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: October 5, 2022
BY ORDER OF THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEW JERSEY
